2012 Standard Mileage Rates Announced

January 10th, 2012

The Internal Revenue Service has issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be: 55.5 cents per […]

Will Your Deductions Be Cut to Solve Deficit Woes?

October 11th, 2011

The Joint Select Committee on Deficit Reduction (JSC) is set to convene soon with the goal of reducing the deficit by $1.5 trillion. How will they come up with that amount? Some sources think they may consider fundamental tax changes that include cutbacks to itemized deductions for individuals. Although both parties purport to be against […]

Tax Breaks for Charity Volunteers

August 16th, 2011

If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply. The following are some […]

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