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Resources

Tax Tips

  • Simplifying Depreciation Deductions for Business Vehicles in 2024
  • Homebuilders Can Benefit from Expansion of Energy Efficient Home Credit
  • IRS Issues Standard Mileage Rates For 2023
  • Taxability of Lawsuit Settlements
  • INFLATION REDUCTION ACT HIGHLIGHTS
  • Under legislation enacted by the 2022 General Assembly Virginia established a new elective pass-through entity (“PTE”) tax.
  • Tax Law Changes effective 2022
  • SBA Issues Final Rule On Calculation Of Average Annual Receipts For The Purposes Of Certain Size Standards
  • IRS Suspends Several Automated Collection Notices
  • Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning
  • CHILD TAX CREDIT
  • Taxpayers can protect themselves from scammers by knowing how the IRS communicates
  • IRS Announces New Extended Tax Deadline for Individuals
  • Maryland Extends State Income Tax Filing Deadline to July 15th
  • Business Education Series: PPP Round Two – What You Need to Know
  • SBA Issues Extensive Final Rule Revising Several Small Business Contracting Regulations
  • 2020 depreciation limits for cars and trucks are issued
  • IRS Won’t Extend Deadline Again! Tax Returns ARE Due by July 15
  • IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns
  • FAQs About COBRA Insurance Coverage
  • Federal Income Tax Filing Date postponed to July 15
  • Attention Local Workers Whose Job Has Been Affected by the Coronavirus
  • Emergency Paid Sick Leave Act (EPSLA)
  • The Three Step Process: Disaster Loans
  • U.S. Postpones April 15 Tax Payments for 90 Days for Most Americans
  • NEW TAX DEADLINE IN THE WORKS
  • SBA’s NEW YEAR RESOLUTION ENFORCEMENT!
  • New Law Helps People Save For Retirement; Other Retroactive Changes Impact Many Taxpayers
  • IRS Increases Visits To High-Income Taxpayers Who Haven’t Filed Tax Returns
  • Guidance and Enforcement Put Virtual Currencies Front and Center
  • Proposed regs. Issued on Meal and Entertainment Expense Deductions
  • IRS Issues 2020 Standard Mileage Rates
  • Form 1040-SR: Seniors Get a New Simplified Tax Form for 2019
  • IRS willing to consider requests for relief from double taxation related to repatriation
  • IRS Lowers Mileage Rates for 2020 Deductible Vehicle Use
  • Jan. 31 filing deadline remains for employer wage statements, independent contractor forms
  • IRS: Eligible employees can use tax-free dollars for medical expenses
  • Overview VA SIT update
  • IRS Advises Taxpayers To Be On The Lookout For New SSN Scam
  • IRS Provides Guidance on Paying Repatriation Tax
  • Foreign Financial Asset Reporting Guidance Matrix Form 8938 and/or FBAR for Filings
  • Certain Fringe Benefits Provided by Not-for-Profits May Be Considered Taxable Income

Newsletters

Our regularly updated newsletter provides timely articles to help you achieve your financial goals.

IRS Lowers Mileage Rates for 2020 Deductible Vehicle Use

The IRS lowered the standard mileage rates that many employers use to reimburse employees for using a car or truck for business-related reasons.
Beginning Jan. 1, the standard rate for calculating the deductible costs of operating an automobile for business purposes will decrease by half a cent to 57.5 cents per mile, according to Dec. 31 guidance, Notice 2020-05, and an accompanying news release.

The business use rate is based on an annual study of the fixed and variable costs of operating an automobile, the IRS said in the news release.

The IRS also lowered the rate for calculating deductible expenses of using a car for medical or moving purposes—the new rate is 17 cents per mile, down three cents from 2019. The agency noted that the 2017 tax law barred deductions for moving expenses except for active duty military members in specific circumstances.

The rate used to calculate deductions related to vehicles driven for charitable purposes remained at 14 cents per mile as set by law, the IRS said.

Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended or written by the practitioner to be used and cannot be used by the taxpayer for the purpose of avoiding penalties.

MillerMusmar CPAs is an established accounting firm with offices in Reston, and Virginia. We have a twenty-five-year history of providing top quality auditing, tax, and accounting services to clients throughout the Washington Metropolitan area and internationally. By combining the expertise of a mid-sized firm with the personal attention, we are both large and small enough to deliver the responsive service to our clients. For more information, please visit our website at www.MillerMusmar.com.

Please feel free to contact us to discuss how we can work with you to achieve your goals.
MillerMusmar is committed to the professional standards of
competence, objectivity, and care with every service provided.
Reston, VA Office

MillerMusmar CPAs
2100 Reston Parkway Suite 400
Reston VA 20191
Phone: +1-703-437-8877
Fax: 703-437-8937
info@millermusmar.com

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