Article Highlights: 2016 standard mileage rates Business, charitable, medical and moving rates Switching between the actual expense and the standard mileage rate methods Special allowances for SUVs As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2016 optional standard mileage rates used to calculate the deductible costs of … [Read more...] about IRS Announces 2016 Standard Mileage Rates
Homeowner Energy Tax Credits Get New Life
Article Highlights: Home Energy-Saving Improvements Solar and Other Types of Energy Generation Systems Things to Consider Before Signing Up Recently passed legislation has given new life to two homeowner energy credits that had expired or were about to expire, providing renewed opportunities to homeowners wanting to take advantage of these credits and reduce their energy … [Read more...] about Homeowner Energy Tax Credits Get New Life
Affordable Care Act Reporting Relief for Employers
Article Highlights: Applicable Large Employer Form 1095-C and Form 1094-C IRS Filing Due Date Copy to Employee Due date Effect on Filing Individual Returns Beginning for the 2015 tax year, Applicable Large Employers (ALEs) are required to file Forms 1095-C and 1094-C with the IRS and provide a copy of the 1095-C to each of their employees. An ALE is generally an … [Read more...] about Affordable Care Act Reporting Relief for Employers
January 2016 Individual Due Dates
January 4 - Time to Call for Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you do so before the calendar becomes too crowded. January 11 - Report Tips to Employer - If you are an employee who works for tips and received more than $20 in tips during December, you are required to … [Read more...] about January 2016 Individual Due Dates
Traditional to Roth IRA Conversions – Should You? Did You? Wish You Hadn’t?
Article Highlights: Conversion Timing Why Convert? When to Convert? Undoing A Conversion Issues to Consider Before Making the Decision The tax provision that allows taxpayers to convert a Traditional IRA to a Roth IRA is a great tax-planning tool when used properly, and timing is everything. To make a conversion, you must pay income taxes on the amount of the … [Read more...] about Traditional to Roth IRA Conversions – Should You? Did You? Wish You Hadn’t?