For taxes, you can either use the standard mileage deduction or the actual expenses, but not both methods. The standard mileage deduction includes depreciation so you can’t claim depreciation as an additional deduction under this method, but you can claim…
Blog Archives
Trade Names & DBAs
A trade name is a name, other than the true name, of an entity or individual under which the entity or individual is authorized to transact business or conduct activities. Sometimes a trade name is referred to as a “doing…
Posted in Colorado
2019 Standard Mileage
The Internal Revenue Service has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2019, the standard mileage rates for…
Posted in Deductions
2019 Colorado Minimum Wage
On January 1, 2019, the Colorado minimum wage increased to $11.10 per hour. For tipped employees, the minimum wage will be $8.08. These rates represent increases from the current levels of $10.20 and $7.18 respectively. The new minimum wage…
Posted in Colorado
2016 Tax Form Changes – Part 1
The IRS has released on its website a number of draft tax forms and instructions for the 2016 tax year. Here are some key changes made on the 2016 Form 1040 return: *Due date. Form 1040’s due date is April…
Posted in IRS
Big Business
“If you can build a business up big enough, it’s respectable.” Will Rogers
Posted in Quotes
Profit
“Remind people that profit is the difference between revenue and expense. This makes you look smart.” Scott Adams
Posted in Quotes
Show Business
“There’s no business like show business, but there are several businesses like accounting.” David Letterman
Posted in Quotes
