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Government Shutdown Impacting US Businesses

The government shutdown is creating problems for more than government businesses, as private businesses are also experiencing the consequences of a government shutdown.

This article discusses potential consequences small business owners should be aware of.

To view this article, click the following link to access the original content.

https://www.inc.com/guadalupe-gonzalez/government-shutdown-impact-business-lyft-uber-ipo.html

IRS Releases 2019 Mileage Rates

The Internal Revenue Services (IRS) recently released updated optional standard mileage rates for 2019. These rates are used to calculate the deductible cost of operating an automobile for business, charitable, medical, or moving purposes. The term “automobile” includes any car, van, pickup, or panel truck. As of January 1, 2019, the standard mileage rates are as follows:

  1. For business use of an automobile, the 2019 rate is 58 cents per mile (up 3.5 cents from the 2018 rate).

Please note that since the Tax Cuts and Jobs Act (TCJA) suspended the miscellaneous itemized deduction for unreimbursed employee business expenses from 2018 to 2025, the standard mileage rate cannot currently be used to claim a deduction for those expenses. The TCJA did, however, include an exception for members of the U.S. armed forces reserves, state or local government officials who are paid on a fee basis, and some performing artists. 

  1. Driving for medical or moving purposes may be deducted at 20 cents per mile (up 2 cents from the 2018 rate).

Please note that the TCJA suspended the moving expense deduction for individual taxpayers from 2018 to 2025. However, the tax code update did include an exception for members of the U.S. armed forces on active duty whose moves are precipitated by a military order.

  1. The rate for service to a charitable organization is unchanged, set by statute at 14 cents per mile. 
  1. The portion of the business standard mileage rate that is treated as depreciation is 26 cents per mile for 2019 (up 1 cent from the 2018 rate).

Please feel free to contact us with any questions you might have about mileage rates.

Growing Small Business Revenue

As a new calendar year begins, it is an important time for small business owners to analyze their priorities and focus on improving their business.

This article discusses a few ways your small business can grow revenue in the upcoming year.

To view this article, click the following link to access the original content.

https://www.dynamicbusiness.com.au/small-business-resources/finance-cash-flow/3-tips-to-help-small-businesses-grow-revenue-in-2019.html

Jeff provides a lot of insight into our specific business and he understands it. He makes you think about other aspects of your business that you may not be focused on.
Grant Kasten