The IRS recently issued its annual update of special per-diem rates for substantiating ordinary and necessary business expenses incurred while traveling away from home. The new rates are in effect from October 1, 2021, to September 30, 2022. Specifically, the per-diem rates issued include the transportation industry meal and incidental expenses rates; the rate forRead more about IRS Updates Business Travel Per-Diem Rates[…]
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Tax Benefits for Charitable Giving Expanded in 2021
Recent legislation includes several provisions to help individuals and businesses who give to charity. The new law generally extends four temporary tax changes through the end of 2021. Here’s an overview of these changes. Deduction for individuals who don’t itemize Taxpayers who take the standard deduction usually can’t deduct their charitable contributions. The law nowRead more about Tax Benefits for Charitable Giving Expanded in 2021[…]