Mileage rates for travel are now set for 2021. The standard business mileage rate decreases by 1.5 cents to 56 cents per mile. The medical and moving mileage rates also decrease by 1 cent to 16 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile. 2021 New Mileage Rates Here
If you are working from home for the first time in 2020, you may be wondering if your home office is tax deductible. The bad news? If you’re working from home for an employer, you normally can’t deduct your home office expenses. Here’s a quick look at the basic requirements to be able to
Each year the IRS publishes the top dozen tax scams it encounters over the prior year. One of them that makes an all too common appearance on their list is the phishing scam. Here is what you need to know. Phishing requires bait Phishing is the act of creating a fake e-mail or website
As part of your planning for next year, now is the time to review funding your retirement accounts. By establishing your contribution amounts at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for the more popular programs: How to use
No one likes surprises from the IRS, but they do occasionally happen. Here are some examples of unpleasant tax situations you could find yourself in and what to do about them. An expected refund turns into a tax payment. Nothing may be more deflating than expecting to get a nice tax refund and instead being
At the end of each year there are a number of things to consider that may have a positive impact on your tax obligation. Here is a list of fifteen ideas that may be worth a quick review. Make last minute charitable donations. Review and maximize use of the $15,000 annual gift giving limit.
One of the elements that make our Federal Tax Code so hard to follow is that different laws apply to you based on you or your dependents’ age. To help you navigate through some of this maze here is a chart that outlines key ages and how it applies to your tax obligation. Please
While 2020 winds down, there is still time to reduce your tax burden. Here are six ideas that can save money for most of us. 1. Leverage pre-tax savings. Take advantage of opportunities to set aside income on a pre-tax basis. This includes; Participation in your employer's retirement savings program. Fully funding Health Savings
This is a friendly reminder to inform your payroll administrator to add any accident, dental, vision, hospital, long-term care, and health insurance premiums paid by the company and personal use of employer’s vehicles to your last paycheck of the year. Failure to properly report S-Corp health insurance can result in a penalty. You can
The IRS recently announced key tax figures for 2021, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year. Tax Brackets: There are currently seven tax brackets ranging from 0 percent to 37 percent. Each of the