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2021 Mileage Rate is 56 cents

1/6/2021

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

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The New Stimulus Bill May Help Your Small Business

1/6/2021

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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

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Cheers to more business lunches in 2021 and 2022!

1/6/2021

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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

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2021 Mileage Rate is 56 cents

The New Stimulus Bill May Help Your Small Business

Cheers to more business lunches in 2021 and 2022!

Lauren Gann, CPA

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