The IRS has announced the standard mileage rates for 2025, effective January 1, 2025: Business Use: 70 cents per mile, an increase of 3 cents from 2024. Medical or Moving Purposes: 21 cents per mile, unchanged from 2024. Charitable Service: 14 cents per mile, unchanged from 2024. These rates apply to the use of…
Tax law allows businesses and self-employed individuals to deduct a portion of certain meal expenses from their taxable income. This deduction is relevant when meals are purchased for business purposes, such as meeting with clients, employee meals, or meals during business travel. 1. Qualifying Business Meals To qualify for the deduction, the meal must meet…
Winter Accounting & Advising LLC (WAA) can handle the administration of your company’s Beneficial Ownership Information (BOI) report. This is a required report for most business entities in the U.S., including most LLCs. Businesses that were created prior to 2024 are required to file this report by January 1, 2025. See below if your business…