Robert Stephens & Company PC

06/03/2023

01/14/2023

The Small Business Deduction (Section 199A) allows small businesses to deduct up to 20% of their qualified business income. NFIB member Devil’s Due Distillery explains how the Deduction has benefited their business and why they need the deduction permanently: https://www.youtube.com/watch?v=qrc0iHAyr7E

12/30/2022

The IRS issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022.
22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, consistent with the increased midyear rate set for the second half of 2022.
14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022.
These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

12/03/2022

ICYMI: The NFIB Research Center released its November report. “The small business economy is recovering, but owners continue to face ongoing labor troubles throughout the country,” said NFIB Chief Economist Bill Dunkelberg. More results from the survey here:
https://www.nfib.com/content/press-release/economy/nfib-jobs-report-labor-quality-continues-to-be-a-top-business-issue-on-main-street/

10/03/2022

WASHINGTON, D.C. (Oct. 3, 2022) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, today sent letters of support for H.R. 8874 and S. 4674, both known as the Credit Card Competition Act of 2022. These…

09/17/2022

U.S. small-business confidence improved in August as worries about inflation subsided and demand for workers remained strong despite the uncertainty shrouding the economy, a survey showed on Tuesday.

05/12/2022

Thirty-two percent of surveyed in NFIB's April Economic Trends survey reported inflation as the Single Most Important Problem facing their , the highest number recorded since 1980. Industry by industry, Agriculture firms were the most likely to report inflation as their top problem, followed by Manufacturing, Construction, and Wholesale. More at NFIB.com/SBET.

02/27/2022

This tax season, our overview of out-of-state sales tax requirements can help small businesses identify if they may be responsible for new remote seller taxes.

02/16/2022

More small business owners say they need to raise prices and don't expect inflation to decline, a signal that higher prices have overtaken Main Street.

09/29/2021

Republican support for a bipartisan retirement bill is at risk, after Democrats unveiled more ambitious plans in their budget package.

11/30/2019

The deduction benefits the vast majority of small business owners.

11/12/2019

Tax Tip 2019-157, November 7, 2019