IRS issues standard mileage rates for 2021WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
• 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020,
• 16 cents per mile driven for medical or moving purposes for qualified active duty members of the Armed Forces, down 1 cent from the rate for 2020, and
• 14 cents per mile driven in service of charitable organizations, the rate is set by statute and remains unchanged from 2020.
Full Article 
Save Article 
Email Firm Share This
A record number of privately held businesses closed their doors permanently in 2020, and more closings are expected as the COVID-19 pandemic continues. Shuttering a business can have complicated tax implications for the business and its owners. Here’s a look at the federal tax issues for individual owners of so-called “pass-through” entities and C corporations.
Life insurance can be a lifesaver for beneficiaries in the event of the untimely passing of a spouse or parent. The industry is creative and, over the years, has developed many variations on the basic life insurance model. It’s essential to get the full picture before plunging into the market. Here’s a quick overview.
Roth individual retirement accounts (IRAs) and 401(k) plans both offer advantages for retirement savings. Keep reading for an explanation and a strategy to make the most out of both types of retirement accounts.
Here’s a business rule you don’t ever want to break, even in a tough economy such as we’re now facing: Don’t borrow from payroll taxes withheld from employees. The IRS views this money as sacred. That’s why the penalties involving these funds are severe. Continue reading for an important heads-up.