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Ads for Sandy Flom, LLC in Faribault, MN

ASK ABOUT ACCOUNTING Q What can we take for Depreciation deductions this year & what do we have to pay our employees for mileage reimbursement? ASection 179 Depreciation Deduction for both ...

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ACCOUNTING

Q

What can we take for Depreciation deductions this year & what do we have to pay our employees for mileage reimbursement?

A

Section 179 Depreciation Deduction for both 2015 & 2016 are set at $500,000 with an investment limit of $2 million. The Standard Mileage Rate for Business miles went down from $.57 ½ per mile for 2015, down to $.54 for 2016. However, you don’t have to pay your employees the full amount for mileage but you can’t pay them over these amounts. Then your employees if you pay them less, can deduct as an itemized deduction subject to 2% AGI the difference of what you paid them verses the max payment.

Sandy Flom CPA

Sandy Flom, LLC

507-333-3973 • 414 Central Ave • Sandy@FaribaultCPA.com

Feb 24, 2016. Sandy Flom, LLC Accounting Ads from Southern Minn Media

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507.333.3973

Sandy Flom, LLC

507-333-3973
414 Central Ave
Faribault, MN 55021

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faribaultcpa.com

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