- The 2017 standard mileage rate for business driving falls to 53.5c a mile, a 0.50c drop.
- The rate decreases to 17c a mile for travel for medical purposes
and job-related moves.
- But the rate for charitable driving remains at 14c per mile.
- $510,000 of assets can be expensed in 2017, and this figure phases out
dollar for dollar once over $2,030,000 of assets are put into service during the year.
- Two business tax breaks first apply on 2016 returns filed in 2017:
- Small start-ups can opt to claim $250J000 of R&D costs to offset payroll taxes
instead of their regular income tax liability. The election is available to companies
in business for five years or less that have gross receipts under $5 million.
Businesses that hire the long-term unemployed get a tax credit.
- The work opportunity tax credit is expanded to cover employers that hire people
who've been out of work for 27 weeks or more and received unemployment benefits.
The 40% credit on the first $6,000 in wages applies for those beginning work after 2015.