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Time to Start Preparing

While most see January as the start of something new, you should also see it as a time to start the collection of your prior year information. Here are some things to consider: Receive and Review Informational Tax Forms. Create a list of all your anticipated W-2s, 1099-MISC, 1099-DIV, 1099-B,… Read More

IRS Now Required to Use Collection Agencies

In a 1,300 page Transportation Bill signed into law in December, 2015, there are eight pages that require the IRS to assign unpaid tax bills to outside collection agencies. This means that third party companies will now be calling taxpayers as representatives of the IRS to collect unpaid taxes. What… Read More

2016 Mileage Rates Now Established

The IRS recently announced mileage rates to be used for travel in 2016. The Business mileage rate decreases by 3.5 cents while Medical and Moving mileage rates are lowered by 4.0 cents. Charitable mileage rates are unchanged. 2016 New Mileage Rates Standard Mileage Rates Mileage Rate/Mile Business Travel 54.0¢ Medical/Moving… Read More

PATH Act Passes: What you need to know

  Once again, with the signature of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), many popular tax items have either been made a permanent part of the tax code or have been extended to 2016 and beyond. Here are the more commonly used tax savings items… Read More

In the News: Tax Extenders Bill Passes

Many tax changes impact 2015 Congress has passed legislation that will impact your 2015 tax bill. Most of these tax laws expired in 2014 and created uncertainty during 2015. While passing legislation that impacts a tax year that is all but over seems unreasonable, here are some of the popular… Read More

The Lost Art of Tracking Home Improvements

How a tax law makes us sloppy and creates a tax risk One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home… Read More

Déjà vù All Over Again

Will the habit of late law changes continue? The Congressional habit for repeatedly making late tax law changes is now so bad that the IRS is reserving blank lines on the form 1040 for possible law changes this month. Given the potential for retroactive tax law changes in 2015, please… Read More

The “Special” Reindeer Quiz

As the holidays approach, we will quickly be flooded with holiday specials, iconic movies and lit-up everything. As you sit around the fire staying warm, consider your knowledge of that iconic reindeer who guided Santa’s sleigh on a stormy winter night. How old is Rudolf? The story of Rudolf is… Read More