Gas Prices Fall and So Does Standard Mileage
Jan11

Gas Prices Fall and So Does Standard Mileage

The IRS announced the standard rate for business driving will be 54 cents per mile in 2016, down from 57.5 cents per mile in 2015. Additionally, the standard rate for medical related driving and tax deductible moving also experienced a reduction to 19 cents per mile (down 3.5 cents per mile from 2015). The standard rate for charity related driving remains unchanged at 14 cents per mile.  The IRS adjusts the standard mileage rate each...

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New Year, New 2015 Tax Year Breaks
Jan07

New Year, New 2015 Tax Year Breaks

On December 18, the Congress revised and in some cases improved some much needed tax breaks even making some of them permanent. Here’s to leaving more money in your pocket and reducing your 2015 Tax Year return. Refundable Child Tax Credit. This $1,000-per-child credit which reduces the tax bill dollar for dollar is very much appreciated especially for lower to middle income families. Lower-income taxpayers can qualify for the...

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Hit the 2016 Tax Day Snooze Button
Jan05

Hit the 2016 Tax Day Snooze Button

The Internal Revenue Service announced that the nation’s 2016 Tax Season for the 2015 Tax Year will open as scheduled on Tuesday, January 19, 2016. The IRS will begin accepting individual electronic returns and processing paper tax returns on that day. Tax procrastinators can hit the tax filing “snooze button’ with an extra three days to gather paperwork and file the return by the Monday, April 18, 2016 deadline....

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