Tag Archive: "tax"
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IRS Issues Standard Mileage Rates for 2024
Beginning January 1, 2024 the standard mileage rates for automobiles have been updated. 67 cents per mile driven for business use 21 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces 14 cents per mile driven in service of charitable organizations The business use amount noted above […]
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Mileage Rates for 2023
The IRS has issued updated optional standard mileage rates for 2023. These rates are often used to calculate the deductible cost of operating a vehicle for business purposes as well as used by employers for calculating employee reimbursements for business mileage driven with personal vehicles. Beginning January 1, 2023, mileage rates will be: The mileage […]
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The Missing Pieces from the Omnibus Bill
Congress passed a $1.7 trillion dollar spending bill at the tail end of last week. In likely the last major piece of legislation Congress will pass before Republicans take control in the new year, many initiatives were included as lawmakers pushed to avert a government shut down and get home for the holidays before winter […]
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Commercial Vehicles Included in the Push for Clean Energy and Other Tax Changes
The Inflation Reduction Act of 2022 (IRA) had plenty to unpack, but not the tax increases initially proposed under the Build Back Better Act which fizzled due to a lack of support. The IRA was significantly scaled back and included very little tax law changes and perhaps none that will effect the majority of the […]
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Will a Fuel Tax Holiday Provide Relief?
President Biden recently called for a fuel tax holiday to help reduce the costs at the pump. Will it help? Sure, a little bit. A little bit are the key words. The President is pushing for a three-month holiday that would remove the federal fuel tax. Currently, the federal tax is 18 cents per gallon […]
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The Year of Early Planning
Proposed tax legislation may not be moving quickly, but that doesn’t mean there isn’t significant changes that warrant early planning for 2022.
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Consider Your Leverage
For asset-based carriers trucking is usually a high leverage business. It involves constant equipment trade cycles that often requires financing to be able to afford the costs or protect cash reserves. With inflation and technological improvements, we have seen equipment costs rise and expect that trend to continue. Why do I mention this? Because interest […]
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Tax Proposals from the Chairman of the Senate Finance Committee
For those anxiously waiting to hear more about possible tax changes through a reconciliation bill, read on! Last week we posted about several of the proposals issued by the House Ways and Means Committee. Senator Ron Wyden, Chairman of the Senate Finance Committee, released a series of tax proposals as well that could be included […]
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Budget Reconciliation Proposals Released by House Ways and Means Committee
Last week the House Ways and Means Committee released their proposals for budget reconciliation. As anticipated, the proposals included various tax increases to offset spending. Key items in the proposals are outlined below. Please note this is not a comprehensive list and the proposals do include many other items you may want to discuss with […]