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STANDARD MILEAGE RATES (2021)

Business*     $.56/mi (down 1.5 cents from 2020)

Relocation      $.20/mi

Charitable Rate     $.14/mi

Source:  Irs.gov

Deductible Business Meals

After many years, 100% deductions for business meals was renewed for 2021 and 2022 (but not 2020) by the Taxpayer Certainty and Disaster Tax Relief Act included in the Consolidated Appropriations Act.  The 100% deduction applies to “food or beverages provided by a restaurant” (entertainment expenses remain nondeductible). The IRS will have to issue guidance on the amount of the deduction.

Source:  AIPB

Notice of Proposed Rulemaking: Overtime Update

On March 7, 2019 the Department of Labor announced a proposed rule that would make more than a million more American workers eligible for overtime.

Under currently enforced law, employees with a salary below $455 per week ($23,660 annually) must be paid overtime if they work more than 40 hours per week. Workers making at least this salary level may be eligible for overtime based on their job duties. This salary level was set in 2004.

This proposal would boost the proposed standard salary level to $679 per week (equivalent to $35,308 per year). Above this salary level, eligibility for overtime varies based on job duties.

For more info:  https://www.dol.gov/whd/overtime2019/

This is still active as of Jan 2021.

"Many companies define success based on the dollars coming in, but we define our success by the number of lives changed: people getting out of debt and investing for their future."  - Dave Ramsay, Financial Expert