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2019 Mileage Rates

Do you use your car for business, medical, or charitable reasons?  That mileage may be deductible and here are the standard mileage rates for tax year 2019: Business: 58 cents/mile (up from 54.5 cents/mile in 2018) Medical: 20 cents/mile (up

Updated Tax Deductions for the Self-Employed

With a new year and a few changes to rules/rates, here is an updated version of my pamphlet Tax Deductions for the Self-Employed. Tax Deductions for the Self-Employed Also, if you have questions about the many changes to the deduction

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New Withholding Forms & Calculator

2017 tax returns have been filed or will be soon (April 17th will be here before you know it) and many are wondering what 2018 taxes will look like with the new tax law changes.  You may have seen a

2018 Tax Season Calendar (for 2017 tax year preparation)

It’s that time again to gather up all your W-2s, 1099s, and other tax documents for 2017 tax year income tax preparation.  Here are a few dates to keep in mind: January 16, 2018 4th Quarter 2017 estimated tax payments due

2018 Mileage Rates & More

If a new tax law wasn’t enough to remember, a few other rates are changing for 2018 taxes. Mileage Rates: Business mileage rate moves up to 54.5 cents/mile, Medical mileage rate moves up to 18 cents/mile, Charitable mileage rate remains

Small Business and Pass-through Tax Deduction-New Law

My last post focused solely on individuals and the tax law changes impacting their tax return.  This post deals with small business owners operating under one of the following business structures: Sole proprietor (Schedule C) LLCs–can be taxed as sole

New Tax Law Effective 2018

Merry Christmas to us, we have a new tax law!  The big question you are probably asking is how does this new tax law impact me?  First of all, remember that most of these changes will not go into effect

Year End Tax Planning 2017

When December and the holiday season rolls around it’s very easy to get caught up in all the holiday preparation.  The last thing you want to think about is year-end tax planning but it might save you big money come

The Equifax Data Breach & Taxes

The Equifax data breach is said to impact nearly half the US population.  Sensitive information such as social security numbers, birthdates, addresses, and drivers license numbers have been compromised.  Financial advisors recommend credit freezes, credit monitoring, and other avenues to

Loaning Money to Family

To loan money to family members or not, that is the question.  Some say any money “lent” should be considered a gift since things get sticky when you combine money and family and the likelihood of ever seeing the money