Small Business

Tax reform changes affecting small businesses

Tax reform changes affecting small businesses

With just a few months left in tax year 2018, the Internal Revenue Service today urges small business owners to learn about how the new tax law changes may affect them.

New Tax Proposal Would Boost Charitable Mileage Rate To Equal Business Rate

New Tax Proposal Would Boost Charitable Mileage Rate To Equal Business Rate

Under the Senate and House tax reform proposals, the charitable donation deduction claimed on Schedule A, including a deduction for charitable miles driven, was slated to stay in place. Additionally, under the House proposal, the mileage rate for charity would have been indexed for inflation, as it is each year for business and moving mileage. However, while the final version of the tax reform bill did retain the charitable donation deduction, it did not include an adjustment to the charitable mileage rate.

For Small Business Week, IRS highlights key business tax topics

For Small Business Week, IRS highlights key business tax topics

In recognition of National Small Business Week, April 29 to May 5, the Internal Revenue Service is highlighting several resources to help small business owners and self-employed individuals understand and meet their tax obligations. The new tax law changes enacted in December 2017 make it especially important for these groups to know about new provisions affecting them.