Accountable Plan: A Provision for Home Office and Standard Mileage Deduction for S Corp Business Owners
Accountable Plan: A Provision for Home Office and Standard Mileage Deduction for S Corp Business Owners
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An accountable plan is a tax-efficient strategy used by businesses to reimburse employees for business-related expenses. This plan ensures that employees are not taxed on reimbursements, provided certain conditions are met. It is essential to understand how an accountable plan works and its impact on taxes.