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The U.S. Internal Revenue Code, Section 179 (commonly referred to as IRC-179) allows businesses to expense up to $500,000 in the tax year 2017 for certain capital expenditures, including commercial work trucks.
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The Internal Revenue Service has reduced the business mileage reimbursement rate for one half of a cent to 53.5 cents from 54 cents. The new rate went into effect on Jan. 1.
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NTEA The Association for the Work Truck Industry has submitted comments to the Internal Revenue Service about their proposed regulations governing the Federal Excise Tax (FET) on heavy trucks, tractors, and trailers.
Read More →Commercial truck owners are reminded that the U.S. Internal Revenue Code, Section 179 (commonly referred to as IRC-179) allows businesses to expense up to $25,000 in tax year 2014 for certain capital expenditures, including commercial work trucks.
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The Internal Revenue Service lowered the business mileage deduction by 0.5 cents to 56 cents per mile effective Jan. 1. The 2014 rate decreases the 2013 rate of 56.5 cents, which went into effect Jan. 1, 2013.
Read More →The new rates go into effect Jan. 1, 2013.
Read More →WASHINGTON - The new IRS mileage reimbursement rate reflects an increase of 1 cent, up from 55.5 cents per mile in 2011 and 2012.
Read More →WASHINGTON – The IRS announced the optional standard mileage rate for business use of a vehicle is unchanged from the rate announced in July 2011, at 55.5 cents per mile.
Read More →WASHINGTON – The IRS has published updated guidelines for 2011 for inflation-adjusted depreciation limits and lease inclusion amounts for passenger vehicles.
Read More →The 2010 mileage rates for business, medical and moving purposes reflect generally lower transportation costs, and are slightly lower than 2009's rates.
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