Category Archives: Prior Year Taxes

Prior Year Tax Stories

IRS 2015 Standard Mileage Rates

IRS 2015 Standard Mileage Rates

IRS 2015 Standard Mileage Rates
IRS 2015 Standard Mileage Rates

Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck are:

  • 57.5 cents per mile for business miles driven, up from 56 cents in 2014
  • 23 cents per mile driven for medical or moving purposes, down half a cent from 2014
  • 14 cents per mile driven in service of charitable organizations

These optional standard mileage rates are used to calculate the deductible costs of Continue reading IRS 2015 Standard Mileage Rates

Review: 2014 Tax Provisions for Individuals

taxFrom tax credits and educational expenses to the AMT, many of the tax changes affecting individuals for 2014 were related to the signing of the American Taxpayer Relief Act (ATRA) in 2013–tax provisions that were modified, made permanent, or extended. With that in mind, here’s what individuals and families need to know about Continue reading Review: 2014 Tax Provisions for Individuals

2014 CFO Year-End Tax Planning for Businesses (HubCFO CFO Services)

Tax-TimeWhile the fate of several business-related tax extenders such as R & D credits, bonus depreciation, and Section 179 expensing that expired at the end of 2013 is uncertain, there are still a number of end of year tax strategies businesses can use to reduce their tax burden for 2014.

Purchase New Business Equipment Continue reading 2014 CFO Year-End Tax Planning for Businesses (HubCFO CFO Services)

Year-End Tax Planning for Individuals

Taxes-Once again, tax planning for the year ahead presents more challenges than usual, this time due to the numerous tax extenders that expired at the end of 2013.

These tax extenders, which include nonbusiness energy credits and the sales tax deduction that allows taxpayers to deduct state and local general sales taxes instead of state and local income taxes, may or may not be reauthorized by Congress and made retroactive to the beginning of the year. Continue reading Year-End Tax Planning for Individuals

Six Tax Changes Benefiting Taxpayers in 2013

Top-10-Most-Ridiculous-Taxes-in-the-World-beard-taxHot off the presses!  Your preparer’s Software may not include these late changes.

I suggest calling with all questions!

Thanks to the passage of the American Taxpayer Relief Act of 2012 (ATRA) in January 2013, several tax provisions were extended through 2013 that are of benefit to taxpayers filing 2013 returns this year. Here are six of them: Continue reading Six Tax Changes Benefiting Taxpayers in 2013