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THE STANDARD MILEAGE RATE FOR VEHICLES UP TO 10,000 gvw IS $ 0.54 PER MILE FRANKLIN kATZ

Hi All Again, i am back with important information in reference to owners with tractors and other vehicles grossing over 55,000 lbs Tax Warning for Truckers: Highway Use Tax Returns Due Soon WASHINGTON, D.C. (AUGUST 13, 2016) BY JEFF STIMPSON Truckers and other owners of heavy highway...

No one wants to be audited, so knowing how long your tax return can be attacked is important. The statute of limitations on taxes is a fundamental rule allowing taxpayers to eventually cut off their exposure. It can be pretty satisfying to say to the IRS, “sorry, you’re too late.” But this year...

Instead of rushing to April 15 to file your taxes, you can go on extension, but should you? And if you do succumb to the allure of an extra six months, do you increase your odds of audit? Few deadlines are more dreaded than the annual rush to April 15th. You may not want to delay it. You may...

Here is a copy of information with reference to receiving and audit Letter (CP2000) A taxing authority such as the IRS or your State Department of Revenue will issue a written notice under various scenarios, some of which are discussed below. (Note that the initial contact is always by mail...

Hi all, You might be interested in these. December 16, 2015 These 3 tax deductions could lead to an IRS audit Getting audited are taxpayers' worst nightmare, but that shouldn't stop you from taking advantage of the tax deductions you're legally entitled to take. You should just take care to...

HI All, Its that time of year again, and I will be here to answer questions on a weekly basic or give you information that might concern your income tax filing for 2015 Here is some important information, It seems that the IRS last night again reduced a very important deduction. THEY HAVE...

IRS Updates Per Diem Rates for Lodging and Meals WASHINGTON, D.C. (SEPTEMBER 16, 2015) BY MICHAEL COHN from Accounting Today Magazine . The Internal Revenue Service has set the special per diem rates starting Oct. 1, 2015, which taxpayers can use to substantiate the amount of expenses for...

I heard some chatter on the new Drug Test procedure which might hamper some of you. The New DRUG TEST WILL BE USING NOT YOUR BLOOD, BUT YOU HAIR FOLICALS, WHICH CAN PROVE THAT YOU USED SOME SORT OF DRUGS WITHIN THE LAST NINETY (90) DAYS., But don't quote me on this, it was an article...

Obamacare Adds New Levels of Complexity to Tax Returns Article Highlights: New tax return complexities caused by Obamacare Penalty for not being insured Premium assistance credit Insurance marketplace subsidies and possible repayments New 1095 series reporting forms Obamacare – or, more...

Last-Minute Congressional Action May Require Some Year-End Tax Moves Article Highlights: Congress passes extender bill IRA to Charity Transfers for Older Taxpayers Bonus Depreciation for Businesses Sales Tax Deduction Above-the-Line Tuition Deduction Home Energy Saving Improvements...

Hi All, I know I have not been on for over a month, but this is just a reminder that anyone who pays Estimated Tax Payments for 2015 Income Taxes Your Payment is due postmarked by Midnight, Monday, June 15th, 2015 Your next Payment will be due September 15th, and your final payment is due...

HI ALL: I just recieved a notice from Accounting Today News regarding using TURBO TAX STATE E-FILING TurboTax TemporarilyHaltsAllStateE-Filings Amid Fraud Concerns Commnt Now Follow Comments (Author’s notes: Updated to include a statement fromH&R Block HRB-0.73%and from Liberty Tax...

Hi All, A. Effective January 1, 2015, PER DEIM REMAINS AT $59.00 SUBJECT TO 80% for days logged, or for van drivers, either bill of ladings, trip pads or individual sheets showing each load B. Cargo Van Owners and Drivers who are contracted to Owners May use the Standard Mileage Rate...

HI All. Here is a reminder for those who forgot or for many that didn't know... Here is what happened on January 1, 2015: Top Medicare tax went from 1.45% to 2.35% Top Income tax bracket went from 35% to 39.6% Top Income payroll tax went from 37.4% to 52.2%...

HI ALL, Effective November 21, 2014, If you still have not filed your 2013 Income Tax Return, The IRS has Closed all Electronic Filing until sometime in Mid-to the End of January. If your are also filing tax year 2011tax returns, it can no longer be e-filed. Only 2012 and 2013 All other...

HI All! Today is the last day if you filed for an Extension to complete your 2013 Income Tax Returns. IF you are mailing them in, they must be postmarked by midnight tonight, October 15, 2014 in order for them to be considered "TIMELY FILED" by the IRS. and also any tax owed must me paid...

HI All, Here are some tax increases than will in effect your tax returns for this coming tax filing season starting in January 2015 for 2014 taxes. Subject: DO YOU KNOW WHAT HAPPENED TO YOU 7-1-14 Here is what happened on July 1st, 2014: Top Income Tax bracket went from 35% to 39.6%...

If you looking for answers in reference to the Affordable Care act and what your ta preparers are going to ask you. go to Affordable Care Act (ACA) Tax Provisions Don't forget to make sure you read between the lines as to what it will cost you if you do not have health insurance. Don't forget...

Travel Per Diem Rates for 2015 Hi all, IRS refuses to raise the Per Diem rates for the transportation industry, they are exactly the same as the last 3 years since 2010 Notice 2014-57 announces the 2014-2015 per diem rates for substantiating employees' business expenses for lodging...