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January Tax Update

January Tax Update

The IRS released updated mileage rates for tax year 2021.  Effective January 1, 2021 the standard mileage rates for the business use of an automobile will be 56 cents per mile, down from 57.5 cents per mile in 2020.  Medical or moving mileage is 16...
Home Office Deduction

Home Office Deduction

More people have been working from home this year, due to the pandemic.  However, home office expenses are not deductible if you are an employee.  The Tax Cuts and Jobs Act suspended the deduction for miscellaneous itemized deductions, and as a...

Roth IRA Distribution Rules

A client who wants to purchase a business asked our firm about the distribution rules for Roth IRAs. Seems he and his wife have Roth IRAs and would like to use the funds from those investments to purchase a business. So, what are the rules for Roth IRA...

October 2019 Update

Well, no updates since 2017 is kind of sad, but indicative of how busy we have been servicing our clients. The first tax season with the new provisions of the Tax Cuts and Job Provision Act is almost behind us, and there is quite a bit to reflect on. The Tax Cuts and...

Itemized or Standard Deduction?

The IRS statistics show that most taxpayers use the standard deduction. However, you may be able to reduce your tax bill if you itemize on Schedule A. What expenses are deductible on Schedule A? I think most people are familiar with the typical itemized deductions,...

2016 Automobile Mileage Rates

The IRS released the 2016 standard mileage rates for business, medical and moving in December. The rates have decreased from 2015, probably due to the decrease in the cost of gasoline.  Effective January 1, 2016, the standard mileage rates for the use of an...