So the IRS has released the 2014 standard mileage rates, which are: 1. 56 cents a mile for business miles driven. 2. 23.5 cents a mile for medical miles driven. 3. 23.5 cents a mile for moving miles driven. 4. 14 cents a mile for charitable miles driven. It is interesting that the mileage rates for business, medical and moving miles have been reduced half a cent per mile over 2013. The charitable mileage rate has not changed again (for at least 20 years) because the rate is fixed by statute and can only be changed by Congressional law (Congress apparently has better things to do than give away charitable tax writeoffs.) Apparently people in the Government have decided that it is now cheaper to drive a car than a year ago (huh?) So your reduced expenses will offset the lessor tax deduction you will get in 2014 (???). For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Has been Featured On https://twitter.com/bstonercpa
Tax Musings of a Burbank CPA: More Trouble For Preparers – the 2014 Filing Season!
There are a tremendous group of changes happening for the 2013 tax year (filings in 2014) plus another IRS delay taking time off of filing season (again)! See this post in AccountingToday by Roger Russell for more details: http://www.accountingtoday.com/ato_issues/27_12/Looks-like-trouble-68771-1.html?ET=webcpa:e9667:2498807a:&st=email So try and give your tax preparer a break if things are going slower than you think they should. There always seem to be problems when the Government gets involved! For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Has been Featured On https://twitter.com/bstonercpa
Tax Musings of a Burbank CPA: Okay, I Don’t Have Room For All My Tax Receipts – What Now?
So you have been listening to me and have actually been doing a good job keeping the five to seven years of tax receipts I have recommended. Congratulations! Now you have a different problem – the storage problem! Those receipts take up a lot of space. Short of renting public storage, you just don’t have room for them. Now what? Well, do you have a computer? Do you have a printer that can scan pdfs or software that can create it? If not, it is time to think about getting them! Taking all these documents and storing them on the computer in pdf format is the best way to save all the data without the storage problems. If you need to prove a deduction to the IRS or the state, you just have to find the right document, print it up and give it to the authorities. Just remember a couple of points; setting up a file system on the computer and making backups so if the computer crashes you can recover the data. 1. If you have a PC and use Windows, it is relatively easy to set up a folder system to keep your various deduction and income [...]