More options are available to you

The IRS is now allowing taxpayers who are due a tax refund the option of having that refund split up and deposited in up to three different bank accounts.

This can include a retirement savings account such as an IRA. This option is available to you whether you file a paper return or electronically file your return. However, if you file your tax return electronically and opt for direct deposit, you can receive your refund in three weeks or less.

Tax Tips Small Business

  • Determining Qualified Business Expenses

    Be sure to deduct every legitimate expense

    Amounts you spend in the course of conducting business are generally deductible from the gross income of that business. This includes any start-up expenses. You can claim amounts spent for items ordinary and necessary in your trade or business as a deduction against your income. Otherwise, the amounts are amortized, depreciated, or expensed depending on the nature of the purchases.

    Read more ...

Small Business Quick Tip

  • DOT Hours of Service

    Truck drivers and other employees who are subject to the Department of Transportation's "hours of service" rules are allowed to deduct 80 percent of their meals in 2016. In lieu of using actual expenses for meals and incidental expenses, you can deduct the federal rate of $63 per day.
Thursday, 18th January 2018
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Tax Tips Personal

  • Are You Putting Investments in Your Child's Name?

    New rules tighten your options
     
     For the 2014 tax year, children, under the age of 18 who have unearned income in excess of $2,000,are taxed at their parent'shigher rate. At age 18. the kiddie tax applies unless the child provides more than 50% of his/her own support. The kiddie tax also applies to full-time studnets between the ages of 19 and 23 unless they provide more than 50% of their own support. Generally, unearned income includes interest and dividend income, capital gains, taxable social security benefits, and pension distributions.

Personal Quick Tip

  • Mileage Rates

     

    Beginning January 1, 2017, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) are:
    • 53.5 cents per mile for business miles driven;
    • 17 cents per mile for all miles driven for medical or moving purposes; and
    • 14 cents per mile for all miles drive for charitable purposes.