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Monday, January 6, 2014

Tax Changes for 2014 Business Checklist


Standard Mileage Rates
The rate for business miles driven is 56 cents per mile for 2014, down from 56.5 cents per mile in 2013.

Section 179 Expensing
For 2014 the maximum Section 179 expense deduction for equipment purchases decreases to $25,000 of the first $200,000 of business property placed in service during 2014. The bonus depreciation of 50 percent is gone, as is the accelerated deduction, where businesses can expense the entire cost of qualified real property in the year of purchase.

Transportation Fringe Benefits
If you provide transportation fringe benefits to your employees, in 2014 the maximum monthly limitation for transportation in a commuter highway vehicle as well as any transit pass is $130 down from $245 in 2013. The monthly limitation for qualified parking is $250.

Barry Eisenberg, SCORE Counselor
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  1. There are always some changes happening in real estate. We should know the flow of this business to ensure that we can control its status. Doing everything for our business is really necessary for us to ensure our success and to have good business with our clients.

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