Auto depreciation limits remain unchanged for 2020
The deprecation limits for passenger automobiles remain unchanged for 2020. The IRS issued this month the annual depreciation dollar caps for vehicles purchased after September 27, 2017, and first placed in service in 2020. Those limits for taxpayers eligible for bonus first-year depreciation deduction for qualified property under Section 168(k) are: $18,100 for the placed-in-service […]
Go the extra mile: Two options for reimbursing employees for business use of autos
While it would be nice to be able to provide your employees with a company car, this isn’t always a possibility. Many business owners have employees whose job requires them to drive as a part of their daily duties. One option you have as a business owner is to reimburse your employees for their business […]