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Tax Rule May Help with Work Truck Purchases

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.

IRS Lowers Mileage Reimbursement Rate

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.

IRS to Focus on Auditing Fleets for Personal-Use Reporting & Compliance

Last August, the IRS announced areas it will prioritize for audits in 2014, one of which is fringe benefits, especially the personal use of company vehicles. Managing personal-use compliance is a headache. It is also expensive, with internal costs ranging from $35 to $75 per year per vehicle. Here's what you need to do to be prepared should your friendly IRS agent come knocking on your front door.

IRS to Increase Standard Mileage Rates

WASHINGTON – The IRS is increasing the optional standard mileage rates for operating an automobile for business purposes for the last half of 2011.

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