According to a recent post from the IRS’s website, many tax professionals are receiving fraudulent scam emails this tax season. It is a two-fold scheme, where the first email solicits tax help, and the subsequent one includes a download or link that is a phishing attempt. Never click on links or download files from unknown senders. Read more from the IRS here, and protect your business!
On December 14, 2016 the IRS announced that the standard mileage rates have been lowered for 2017 driving expenses. Effective January 1, 2017, the standard mileage rates are as follows: business miles: 53.5 cents per mile driven (down 0.5 cents from 2016) medical/moving miles: 17 cents per mile driven (down 2 cents from 2016) charitable organization miles: 14 cents per mile driven (no change from 2016) The IRS states that taxpayers who use any depreciation method under the Modified Accelerated Cost Recovery System […]
New 2014 mileage rates used to calculate deductible costs for operating an automobile were announced this month by the Internal Revenue Service. Standard mileage rates for business, medical and moving travel will decrease for 2014, down one-half cent from 2013 rates. The mileage rate drops to 56 cents per mile next year, down from 56.5 cents for 2013. The modified rate when driving for medical or moving purposes climbs down to 23.5 cents per mile, also down a half-cent from […]
Despite Senate action, the Internet Sales Tax Bill faces an uphill battle in the house. What is this law all about? It would require online sellers to collect sales taxes from buyers living in states with sales tax, unless a seller had Web sales of $1 million or less. The measure also creates a simplified structure for satisfying states’ varying tax rules & rates. Even though the Senate favors the bill by a wide margin & President Obama endorses it, […]
You should highly consider taking gains before 2015 to lock in the lower rate. But don’t let the tax tail wag the investment dog. Tax savings aren’t the only thing to consider when selecting from your portfolio. Your moves should also make financial sense. Note too that taxwriters will likely keep the stepped-up basis for inherited assests, so 100% of pre-death appreciation on those assets will escape tax when the heirs sell. For more information, Contact Heckman & Associates
Investors should pay attention to tax reform. Capital gains breaks are likely to end by 2015 as lawmakers look for ways to broaden the tax base so income tax rates on individuals can be reduced. Why is this important? Discussions about tax reform are going to intensify in the coming months, especially now that the head of the Senate Finance Com., Max Baucus (D-MT), has announced he’ll leave the Senate after next year. He’ll push to make revamping the tax […]