Author's posts
Nov 21
2013 Standard Mileage Rates Up 1 Cent per Mile for Business, Medical
The 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes have been announced. Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56.5 cents per mile for business …
Nov 14
End of year-Is it time for Fast Tax Moves?
As we near the end of the year, some major changes are scheduled to occur. Tax cuts enacted during the George W Bush administration are scheduled to “sunsetâ€, in other words, expire. The current administration wants the top federal income tax rates to go up from 35 percent to 39.6 percent, boost long-term capital gains …
Oct 23
Pension Plan Limitations
Now is the time to think about your retirement contributions. For 2012, most employees who participate in a 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan can make a tax deferred contribution of $17,000 in 2012. This amount will change in 2013 to $17,500. The catch-up contribution limit for employees aged …
Oct 16
Patient Protection an Affordable Care Act
Also known as Obama Care, there are certain provisions within this act that will impact YOUR taxes in 2013. Here are four areas specifically. 1. There is a new Medicare surtax of 3.8% on investment income. This section was added to the tax code, which provides for a new Medicare contribution tax on unearned income …
Aug 31
Back-to-School and Paying College Expenses
Do you have a student going to college for the first time or are you returning to college? You might qualify for education credits! *The American Opportunity Credit, *originally created under the American Recovery and Reinvestment Act, is still available for 2012. The credit can be up to $2,500 per eligible student and is available …
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