Beginning on 1/1/2016, the standard mileage rates for cars, vans, pickups, and panel trucks will be 54 cents per mile for business miles, 19 cents per mile for medical or moving purposes, and 14 cents per mile for charitable purposes. The business expense rate is down 3.5 cents per mile from 2015, and the medical and moving expense rates are down four cents per mile...
Read MoreWASHINGTON, D.C. (DECEMBER 21, 2015) BY DANIEL HOOD The Internal Revenue Service will begin accepting individual tax returns on Tuesday, Jan. 19, 2016, it announced today. The announcement followed the passage on Friday of the tax extenders legislation last Friday (see “Tax Extenders Pass Final Hurdle”). January 19 is one day earlier than the start of tax season in...
Read MoreIRS Provides Tips for Year-end Gifts to Charity: The IRS has reminded taxpayers making year-end charitable contributions to keep in mind current tax law requirements. To claim a deduction, donated clothing and household items must be in good or better used condition; monetary donations must be substantiated by a bank record or written statement; donations worth...
Read MoreThe Section 7520 rate for December 2015 is 2.0%, while the Applicable Federal Rates (AFRs) are as follows (Rev. Rul. 2015-25, 2015-49 IRB): Annual Semiannual Quarterly Monthly Short-term (≤ 3 years) 0.56% 0.56% 0.56% 0.56% Mid-term (> 3 years but ≤ 9...
Read MoreDe Minimis Safe Harbor for Deducting Repair Expenses Increased to $2,500: Under the Tangible Property Regulations (TPRs), businesses must generally capitalize amounts paid to acquire or produce a unit of property. However, businesses can make a safe-harbor election to currently expense a de minimis amount of such expenses. The de minimis amount for a business...
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