LR Bookkeeping N Tax

01/25/2025

Business types
Sole proprietorship
Someone who owns an unincorporated business by themselves.

Partnership
A relationship existing between two or more persons who join to carry on a trade or business.

International business
Foreign businesses with activities in the U.S. or domestic businesses with activities outside the U.S.

Corporation
A legal entity that is separate and distinct from its owners.

S corporation
Corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

Limited Liability Company or LLC
A corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities.

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01/25/2025

Beginning Jan. 1, 2025, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

70 cents per mile driven for business use, up 3 cents from 2024.
21 cents per mile driven for medical purposes, the same as in 2024.
21 cents per mile driven for moving purposes for qualified active-duty members of the Armed Forces, unchanged from last year.
14 cents per mile driven in service of charitable organizations, equal to the rate in 2024.
The rates apply to fully-electric and hybrid automobiles, as well as gasoline and diesel-powered vehicles.

01/25/2025

To better assist you please make sure that you have all your tax documents together.

01/25/2025

Are you ready for your tax season? Do you need assistance let me help you.

01/25/2025

Tax Season is about to start the IRS announced that the 2025 tax season will start on Monday, Jan. 27, 2025