<![CDATA[Gann CPA - Blog]]>Wed, 26 Nov 2025 15:36:55 -0600Weebly<![CDATA[IRS increases mileage rate mid-year]]>Sun, 12 Jun 2022 16:55:01 GMThttps://www.ganncpa.com/blog/irs-increases-mileage-rate-mid-yearPicture​Photo by Erik Mclean

The IRS is increasing the mileage rate to 65 cents for the second half of 2022.


Read more:
​https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022#:~:text=The%2014%20cents%20per%20mile,an%20increase%20was%20in%202011
]]><![CDATA[Working from home?]]>Wed, 19 Jan 2022 15:34:17 GMThttps://www.ganncpa.com/blog/working-from-homePicture
If you are a contract worker or small business owner, you may be able to deduct home office expenses on your tax return, even if you are a renter.

Tax law changes in 2018 prevent employees with exclusively W2 income from taking advantage of this deduction.  But, if you have 1099 or Schedule C income, you may be able to claim a portion of your mortgage/rent, utilities, and other home expenses.

Read more:
​
​www.irs.gov/newsroom/how-small-business-owners-can-deduct-their-home-office-from-their-taxes

www.cnbc.com/2021/12/03/who-can-claim-home-office-tax-deduction-if-they-worked-from-home.html
]]><![CDATA[Set up an online account with the IRS to see your tax info]]>Tue, 18 Jan 2022 20:02:26 GMThttps://www.ganncpa.com/blog/set-up-an-online-account-with-the-irs-to-see-your-tax-info
Create an ID.me account with the IRS to see payment history, stimulus payments, child tax credit payments, update bank account information, get an identity proteciton PIN and more.  

Tip:  Set up your account on your phone to easily snap a selfie when it's time to verify your identity.

https://www.irs.gov/payments/your-online-account
]]><![CDATA[2022 IRS Mileage Rate = 58.5 cents]]>Tue, 18 Jan 2022 19:46:28 GMThttps://www.ganncpa.com/blog/2022-irs-mileage-rate-585-centsPicture



​The IRS mileage deduction rate has increased from 56 cents to 58.5 cents per mile.

​https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2022
]]><![CDATA[2021 Mileage Rate is 56 cents]]>Wed, 06 Jan 2021 17:37:03 GMThttps://www.ganncpa.com/blog/2021-mileage-rate-is-56-cents
The IRS mileage deduction rate has decreased for the second year in a row from 58 cents in 2019, to 57.5 cents in 2020, and now to 56 cents per mile.

If you drive for business outside of your normal commute, track your miles with an app on your phone.

www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2021
]]><![CDATA[The New Stimulus Bill May Help Your Small Business]]>Wed, 06 Jan 2021 17:27:27 GMThttps://www.ganncpa.com/blog/the-new-stimulus-bill-may-help-your-small-business
​The $900 billion package was signed into law on December 27th.
  • Second PPP loans are available for some small businesses that had a 25% reduction in gross revenue
  • Expenses paid for with PPP funds are now eligible to be deducted on your taxes.
  • Employers who were entitled to more PPP funds the first time, but were limited due to changing guidance, may be able to request more funding.
  • Some businesses may be eligible for the full $10,000 EIDL grant.
  • Forgiveness applications will be simplified for loans of $150k or less.

Here's an article with more info:  www.forbes.com/sites/allbusiness/2021/01/02/5-ways-the-new-stimulus-bill-may-help-your-small-business/?sh=7fdc38ea6ae9
]]><![CDATA[Cheers to more business lunches in 2021 and 2022!]]>Wed, 06 Jan 2021 16:58:46 GMThttps://www.ganncpa.com/blog/deductions-for-business-meals-changing-for-2021-and-2022
The new Covid relief bill adds a provision for 100% deduction for meals purchased from restaurants. 

​So, move your Zoom meetings to a local restaurant once we emerge from quarantine life! 

Read more details:  ​www.entrepreneur.com/article/362593
]]><![CDATA[Accounting for Non-accountants - Balance Sheet]]>Mon, 21 Jan 2019 15:41:35 GMThttps://www.ganncpa.com/blog/accounting-for-non-accountants-balance-sheet
Picture
]]><![CDATA[Accounting for Non-accountants - Assets & Liabilities]]>Mon, 21 Jan 2019 15:33:47 GMThttps://www.ganncpa.com/blog/accounting-for-non-accountants-assets-liabilities
Picture
]]><![CDATA[Do I need to send 1099s?]]>Mon, 26 Nov 2018 16:29:26 GMThttps://www.ganncpa.com/blog/do-i-need-to-send-1099s
Picture
1. Considered “goods” and not reportable:  Payments for merchandise, telephone, freight, storage, and similar items.
2. Credit Card payments are reported by merchant services provider on Form 1099-K.
3. Entities treated as corporations for tax purposes do not need to receive 1099s.
4. Corporations paid for attorney fees or health care services are not exempt from 1099 filings. 

Picture
New vendor
When you hire a new vendor, request that they send you a copy of their W-9.  It has the information needed to prepare 1099s.  If a vendor will not send their W-9, you may be required by the IRS to withhold 28% of payments to the vendors.

<<< Click to download W-9 form.
Picture
1099s
1099s may be generated using your accounting system (QuickBooks Online, etc) or an online service (tax1099.com, 1099online.com, etc), or hand written.

<<< Click to download 1099 form.
]]>