Posts from March, 2016

  • 2016 Standard Mileage Rates As of Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are: 54 cents per mile for business miles driven, down from 57.5 cents for 2015 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015 14 ... Continue Reading
  • Upcoming Tax Deadlines March Tu 15 Corporations: File Form 1120 for calendar year and pay any tax due. For automatic 6-month extension, file Form 7004 and deposit estimated tax. Tu 15 S Corporations: File Form 1120S for calendar year and pay any tax due. Furnish a copy of Sch. K-1 to each ... Continue Reading
  • Significant Tax Benefit: EITC Millions of taxpayers who earned $53,267 or less last year may qualify for EITC for the first time in 2016, making awareness critical. “One-third of the population eligible for EITC changes each year as their personal circumstances change,” said IRS Commissioner John ... Continue Reading
  • IRA FAQs - 2015 Contributions How long do I have to make 2015 IRA contributions? You can make 2015 IRA contributions until April 18, 2016, excluding extensions. How much can I contribute to an IRA? The contribution limit for 2015 and 2016 is $5,500, or $6,500 if you’re age 50 or older. Your Roth IRA ... Continue Reading
  • IRS Releases Dirty Dozen Scam List: Don’t be a Victim Each year, people fall prey to tax scams. That’s why the IRS sends a list of its annual “Dirty Dozen.” Stay safe and be informed – don’t become a victim. Identity theft . Identity theft, especially around tax time, is at the top of the “Dirty Dozen” list again this year. The ... Continue Reading