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Will a Small Business Grant Help Your Organization? Breaking Things Down
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According to one recent study, there are currently more than 32 million small businesses operating in the United States. For the sake of discussion, know that this term refers to those organizations with fewer than 500 employees.To put that number into perspective, those small businesses create more than 1.5 million new jobs every year according to the same research from above. That breaks down to about 64% of all new jobs annually. All told, over 90% of all businesses fall into this category - making them one of the biggest drivers of economic growth that there is.At the same time, any seasoned entrepreneur can tell you that starting your own business is not easy regardless of its size. It takes a lot of time, effort, passion, and money to get a company off the ground in any industry.That, in essence, is what small business grants are designed to aid with. They may not be able to help with the time or effort parts, but they can and often do provide the necessary capital to get a company off the ground and moving in the right direction.But what are small business grants, where do they come from, and how do you take advantage of them in your own situation? The answers to questions like those require you to keep a few important things in mind.What is a Small Business Grant?At its core, a small business grant is exactly what it sounds like - seed money that has been given to a startup company or project, typically by a government agency or nonprofit organization, that is used to give you the best chance possible at success.The major advantage of getting a grant of any type is that it gives you access to funds you wouldn't have otherwise had. In the context of a small business, this can help secure that perfect location for your physical storefront or hire enough employees to get started on developing your products and services. There's also no rule that says you can only apply for and receive one grant during your lifetime - there are many that you can apply for so long as you qualify.All told, there are several different types of grants that you can apply for depending on your needs. Take those offered by the Small Business Administration, for example. The SBA regularly offers grants for the purposes of research and development under the Small Business Technology Transfer program. This is money designed to encourage you to focus on R&D opportunities that have "a high potential for commercialization if successful."Another type of grant offered by the SBA has to do with those aimed at management and technical assistance. This is offered under the appropriately named Management and Technical Assistance Program.When it comes to the SBA in particular, however, there are a number of important things to keep in mind when it comes to qualifying. For starters, the SBA does not actually provide grants for starting or expanding a business. So opening your doors or continuing to grow can't be your priority - you need to fall into one of the categories outlined above.You should also be aware that new grant programs are being developed all the time based on what is happening in the world, as was evidenced by the COVID-19 relief program that went into effect in 2020. So even if you don't qualify for something with the SBA now, you should continue to check to see what is available on a regular basis because you never know what might happen.Is a Small Business Grant Right for my Organization?
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Tax and Financial Insights
by NR CPAs & Business Advisors
2026 IRS Mileage Rates: Key Updates and Insights
The IRS has rolled out the inflation-adjusted mileage rates for 2026, offering taxpayers an efficient way to claim deductions for vehicle-related expenses incurred for business, charity, medical, or moving purposes. These adjustments reflect the continued economic shifts impacting car operation costs.
Effective January 1, 2026, the new standard mileage rates are established as follows:
- Business Travel: Increased to 72.5 cents per mile, inclusive of a 35-cent-per-mile depreciation allocation. This marks a rise from the 70 cents per mile rate set for 2025
- Medical/Moving Purposes: Reduced slightly to 20.5 cents per mile, down from 21 cents in the previous year, reflecting the variable cost considerations.
- Charitable Contributions: Consistent at 14 cents per mile, a fixed rate unchanged for over a quarter-century.
As is typical, the business mileage rate considers the integral fixed and variable costs of automobile operation. Meanwhile, the medical and moving rates remain contingent on variable expenses as determined by the IRS study.
It is critical to note that the One Big Beautiful Bill Act (OBBBA) held firm on disallowing moving expense deductions except for specific cases within the Armed Forces and intelligence community, marking a substantial shift since 2017.
When engaging in charitable work, taxpayers might opt for a direct expense deduction over the per-mile method, covering gas and oil costs. However, comprehensive upkeep and insurance costs are non-deductible expenses.
Business Vehicle Use Considerations: Taxpayers can alternatively compute vehicle expenses using actual costs, which might benefit from shifting depreciation rules, particularly through bonuses and first-year advantages. Keep in mind, however, reverting from actual cost calculations to standard rates in subsequent years is restricted, particularly per vehicle protocol and when exceeding four vehicles in concurrent use.
Additionally, parking, tolls, and property taxes attributable to business can be deducted independently of the general rate, an often-overlooked advantage by many business owners.
Tax Strategies for Employers and Employees: Reimbursements based on the standard mileage framework, providing the right documentation is in place, remain tax-free for employees. Meanwhile, the elimination and continued prohibition of unreimbursed employee deductions continue, with particular exceptions offered to qualified personnel across specific occupations.
Opportunities for Self-employed Individuals: Entrepreneurs remain eligible for deductions on business-related vehicle use via Schedule C, with potential to account for business-use interest on auto loans.
Heavy SUVs and Deduction Advantages: Heavier vehicles exceeding 6,000 pounds but under 14,000 pounds open opportunities for substantial tax deductions through Section 179 and bonus depreciation avenues. The lifecycle of such a vehicle bears implications on recapturing initially claimed deductions, urging cautious tax planning.
For professional guidance on optimizing your vehicle-related tax deductions and understanding their implications on tax strategies, contact our office in Coral Gables, Florida, where expert advice and strategic insights are just a call away.
Educator's Deduction Reform: Key Changes Under OBBBA
The One Big Beautiful Bill Act (OBBBA) introduces significant enhancements for educators' tax deductions starting in 2026, offering both strategic opportunities and planning considerations for educators who qualify. With the reinstated itemized deduction for qualified unreimbursed expenses, educators have a broader spectrum of financial relief. This is complemented by the retention of the $350 above-the-line deduction, allowing educators to maximize their tax benefits by selectively allocating expenses between these avenues.
Understanding the nuances of these changes is crucial for educators and financial advisors alike. The dual-option deduction strategy can potentially enhance tax efficiency, thereby aligning with broader financial planning goals.
At NR CPAs & Business Advisors, based in Coral Gables, Florida, our expertise in tax preparation and planning provides invaluable support to educators navigating these changes. Our comprehensive approach, combined with personalized advice from our experienced team, ensures compliance and optimization in line with the latest tax legislations.
Given these updates, it is imperative to engage with seasoned professionals to fully leverage your deduction strategies. Contact us today to streamline your tax planning under OBBBA's new guidelines and maximize your deductions for upcoming tax years.
