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2014 Standard Mileage Rates for Business, Medical and Moving Announced

By |2013-12-06T16:09:19-05:00December 6th, 2013|Employees, Individual Income Tax, Vehicle Tax Credits|

Source: IRS.gov WASHINGTON — The Internal Revenue Service today issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, [...]

Plan Now to Get Full Benefit of Saver’s Credit; Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement

By |2012-12-13T12:43:11-05:00December 13th, 2012|401(k) & 403(b), Employees, Individual Income Tax, Retirement, Traditional IRA|

Source: IRS.gov WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2012 and the years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and [...]

Employee Business Expenses

By |2012-06-19T12:16:28-04:00June 19th, 2012|Employees, Individual Income Tax|

Source: IRS.gov IRS Tax Tip 2012-54 -- Employee Business Expenses Some employees may be able to deduct certain work-related expenses. The following facts from the IRS can help you determine which expenses are deductible as an employee business expense. You must be itemizing deductions on IRS Schedule A to qualify. [...]