The Latest News from Santora CPA Group

2.14.2025 | Issue 185

Santora CPA Group's Weekly Newsletter!

You'll find links to the Alerts and Useful Info we've posted on our website, which includes time-sensitive information and any other issues that might impact you or your business, as well as any news from around our office.

Important Upcoming Dates

March 15, 2025:

Partnership and S-Corporation Tax Returns Due

New Delaware Short-Term Rental Lodging Tax

As of January 1, 2025, Delaware imposed a new short-term rental lodging tax at the rate of 4.5% upon every occupancy of a short-term rental within the State.

Rent is subject to the short-term rental lodging tax and is defined as the consideration received for occupancy, valued in money, whether received in money or otherwise.

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Your Weekly Catch-Up

The Standard Business Mileage Rate Increased in 2025

The nationwide price of gas is slightly higher than it was a year ago, and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup, or panel truck is 70 cents. In 2024, the business cents-per-mile rate was 67 cents per mile. This rate applies to gasoline-and diesel-powered vehicles, as well as electric and hybrid-electric vehicles.