If you want to take advantage of the potential for tax savings by deducting your mileage, it’s important to know the rules as well as to keep accurate records. A standard IRS mileage rate accompanies each type of deduction that you can use for your mileage. Moreover, tolls and parking fees may also be claimed on your tax return when taking the mileage deduction. ...Continue Reading ? Share
Keep track of your deductible mileage on your vehicle and you could see big savings on your tax return. Remember that you MUST keep accurate records in order for the deductions to be allowed. Listed below are the most common mileage deductions and how you can take advantage of them.
A standard IRS mileage rate applies to each type of deduction. Parking fees and tolls for any of these purposes can be claimed in addition to the mileage.
Medical or Moving Expenses
This ...Continue Reading ? Share
Resource Center – IRS Email Scam
The incidence of “phishing” has grown each year to include new schemes, many of which appear to be legitimate. Phishing is the term used to refer to scams in which individuals attempt to trick someone into revealing information that can then be utilized to “steal” the victim’s identity. Fraudsters steal personal information in order to steal the assets in an individual’s banking accounts, open a credit card or loan without the intent to pay the ...Continue Reading ? Share
Resource Center – IRS Audits & Statute of Limitations
If you are like most people, the mere thought of an IRS audit sends shivers up-and-down your spine. However, the truth of the matter is that the IRS does not conduct a large percentage of audits on a regular basis. That being said, certain triggers do exist that will make it more likely for you to undergo an audit by the IRS. In general, a computer analysis of your tax return generates ...Continue Reading ? Share
What is income tax evasion? This phrase describes the purposeful action of defrauding the government (underpayment) or not paying the appropriate amount of tax (nonpayment). Both of these actions (tax fraud and tax evasion) are crimes that are prosecutable and typically involve large fines and penalties. Prosecution and the accompanying sentences may also lead to incarceration and/or foreclosures on real estate properties.
Activities considered as tax evasion ...Continue Reading ? Share
The laws on gift taxes are complicated due to the fact that technically, any gift is taxable. However, certain exemptions exist to this rule along with specific limits that have been set in place by the government.
Anything of value that you give to another individual without receiving ...Continue Reading ? Share
The estate tax and the inheritance tax are two separate things. While both of these terms refer to what is commonly called the “death tax,” not everyone is subject to paying both types. The estate tax is imposed by the Federal Government on all heirs as well as by a few states that ...Continue Reading ? Share
Each year, people fail to file their tax returns. Some of these individuals don’t do it because they procrastinate so long that they miss the deadline and simply decide not to bother. Other individuals purposely neglect to complete their tax returns and send them off to the IRS because they want to avoid paying their taxes. No one expects to get caught, or at least that is what they hope. Nonetheless, it is important, and in your best interests, to ...Continue Reading ? Share
If you want to avoid the possibility of a tax audit, penalties, and interest charges, you should always follow a few simple strategies. It is a lot easier and less stressful to take extra time and practice diligence in the completion of your tax return than it is to receive notification that your tax return is incomplete or an audit is being scheduled.