Jan 10, 2021 | IRS, Tax Compliance, Taxes
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... 
Dec 10, 2020 | Deductible Expenses, Non-Profit Organization, Taxes
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted Spring 2020, includes a special $300 charitable deduction designed for people who choose to take the standard deduction rather than itemize on their 2020 personal Federal income tax... 
Nov 18, 2020 | Deductible Expenses
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...Nov 1, 2019 | Business Tax Planning
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...Mar 10, 2017 | Business Tax Planning, IRS, Personal, Tax Compliance, Tax Credits, Tax Planning, Tax Proposals, Taxable Income
Tax season 2017 is in full swing. Statistics issued by the IRS showed a 17.2% decline in the total number of returns received through February 10, 2017 compared to the same period last year. The decline was most likely caused by the mandate on refunds on returns...Aug 25, 2016 | Accounting, IRS, Tax Compliance, Tax Credits, Tax Planning, Taxable Income
I was blessed with my first two grand babies this summer! (Stone Alexander and Grace Jenna) While Grammie won’t realize any tax benefits from the birth of these two babies, their parents will become eligible for a whole new set of tax breaks. Dependents Claiming your...Jul 6, 2016 | Budgeting, Business Tax Planning, IRS, Tax Compliance, Tax Planning, Taxable Income
Summer is here, 2016 is half over, and it’s a great time to organize your taxes. It seems most of my clients wait until January to look for their records, organize their charitable donations, and review investment accounts. While it may not be fun to spend a...Feb 20, 2016 | Deductible Expenses
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,...Jan 28, 2016 | Deductible Expenses, Tax Compliance
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...