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2017 Standard Mileage Rates

The IRS recently announced mileage rates to be used for travel in 2017. The business mileage rate decreases by 0.5 cents while medical and moving mileage rates are lowered by 2 cents. Charitable mileage rates are unchanged. 2017 Standard Mileage Rates Mileage Rate/Mile Business Travel 53.5¢ Medical/Moving 17.0¢ Charitable Work… Read More

Seven Tips for a Better 2017

New Year’s resolutions are notoriously easy to make, but hard to follow. With that in mind, here are a few ideas worth trying this year: Pay yourself first. This time-honored personal finance tip simply means setting aside a portion of every paycheck for your personal savings before you pay your… Read More

An Early Roth IRA Conversion Tip

It’s best to take action early in the tax year if you want to roll funds into a Roth IRA. That’s because an early move into a Roth typically gives you the option to re-convert your funds through October 15th of the following tax year. The IRS calls this process… Read More

When Converting to a Roth Makes Sense

Virtually anyone with a qualified retirement savings account can convert funds into a Roth IRA. A Roth is different from other retirement accounts in that contributions come from after-tax dollars, while earnings are tax-free. The question for taxpayers with funds in tax-deferred Traditional IRAs, SEP-IRAs, 401(k)s, and 403(b)s is whether… Read More

Know Your Audit Risk

Nearly every taxpayer can imagine a worst-case scenario where they run afoul of the IRS and are selected for an audit. Here are a few areas that tend to get unwanted audit attention and ideas to help you stay prepared. Your audit risk is (probably) low. The first thing to… Read More

Holiday Movie Quiz

Hollywood has made the holiday movie part of our seasonal traditions. How well do you know your holiday movie trivia? Grab a cup of your favorite beverage and challenge your friends with this quiz. Enjoy. Which of the following movies DOES NOT use the Christmas holiday as a theme. A…. Read More

Private Agencies to Start Collecting for IRS

What you need to know In late 2015 Congress required the IRS to turn over uncollected taxes it is no longer pursuing to outside collection agencies. The agencies are now selected and in early 2017 they will begin their collection efforts. This will impact all of us. Here is what… Read More

Holiday Money Savings Tips

To many the holidays are “the most wonderful time of the year” but, to those on a tight budget the holidays can be very stressful. Why not save money this season by following some of these easy tips: Holiday Cards: Send a holiday postcard rather than a card or letter… Read More

Tick Tock. Tax Reduction Ideas Still Available

As the end of the year approaches, there is still time to make moves to manage your tax liability. Here are some ideas to consider. Maximize your retirement plan contributions. This includes traditional IRAs, Roth IRAs, and SEP IRAs for self-employed. Given the contribution limits in 2017 are not increasing,… Read More