Date Posted: 12/31/19 Effective 01/01/2020, the STANDARD BUSINESS MILEAGE RATE is 57.5 cents per mile (previously 58 cents). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. Date Posted: 12/20/19 DC politicians have enacted extender legislation that would allow certain deductions/credits to be allowed retroactively for 2018 and 2019 tax returns. Common tax provisions effected include energy credits, tuition deduction and pmi deduction.
Date Posted: 12/24/18 Effective 01/01/2019, the STANDARD BUSINESS MILEAGE RATE is 58 cents per mile (previously 54.5 cents). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
Date Posted: 01/06/18 Effective 01/01/2018, the STANDARD BUSINESS MILEAGE RATE is 54.5 cents per mile (previously 53.5 cents). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
Date Posted: 12/25/16 Effective 01/01/2017, the STANDARD BUSINESS MILEAGE RATE is 53.5 cents per mile (previously 54 cents). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
Date Posted: 11/27/16 Obamacare Marketplace enrollment... you will be asked for your income. Step 1: You should start with the amount at the bottom of form 1040 page 1 (Adjusted Gross Income) from the most current completed tax return you have. Step 2: You need to adjust this number up or down based upon forecasted changes to your income for the upcoming year. Do your best. This is a very imperfect system. When in doubt, shoot high. Step 3: Proof of income is usually requested. How do you prove the future if you have adjusted up or down? I suggest that you send a full copy (all forms) of your latest prepared Federal tax return. Attach a note that indicates the changes that you project for the upcoming year and what information you based those changes on. You can also call the Marketplace for more suggestions on proof of income changes. They usually suggest letters from 3rd parties such as employers when possible.
Date Posted: 10/01/16 The deadline for changing your mind on a 2015 Roth IRA conversion is 10/15/16. If the balance in your converted Roth has fallen since the 2015 conversion date, you should undo the 2015 conversion and recover the tax paid via an amended return. You must wait 30 days before re-converting as a 2016 Roth conversion.
Date Posted: 09/08/16 Nationwide scams targeting tax return filers continue. Fraudsters are sending out phony tax bills on what appears to be IRS letterhead. They are also sending out emails from false websites that contain "IRS" in the url web address. In addition, scammers claiming to be IRS employees continue to call taxpayers, telling them they owe taxes and must pay up within 3 hours. Keep your guard up and don't fall victim to any of these scams.
Date Posted: 08/01/16 (Originally posted 08/01/14) PA has more aggressively challenged unreimbursed employee business expenses over the past 12 months. These deductions include mileage, work supplies and home office. THE TRUTH COMES OUT... PA hired a Massachusetts company "Revenue Solutions, Inc." to develop a system that systematically denies certain taxpayer refunds. In my opinion, the requested documentation to restore the targeted refunds is purposely burdensome in hopes that taxpayers will not respond. And now we know why... because the Mass. company which developed the system gets a fat 32% commission on the denied refunds and PA keeps the rest. The Patriot News reports that PA has taken nearly $11 million of taxpayer refunds as of 07/11/14... and paid $3.5 million in commissions to the Mass. company Revenue Solutions, Inc.!!! Please contact your state legislator to make them aware of this issue.