Archive for Taxes

Increase in Standard Mileage Rates

The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2008. You have the option to use these optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes, versus keeping track of your actual expenses. The rate […]

Is your tax withholding enough?

Our “pay-as-you-go” tax system requires that you make payments of your tax liability evenly throughout the year. If you don’t, it’s possible you could owe an underpayment penalty. Some taxpayers meet the “pay-as-you-go” requirements by making quarterly estimated payments. However, when your income is primarily from wages, you meet the requirements through wage withholding and […]

Income Tax Document Roundup

If you haven’t begun to do so already, you will soon begin to sort through a year’s worth of accumulated cancelled checks and receipts to identify the items you need for preparation of your tax return. Bear in mind, however, that in some cases a cancelled check or other proof that you paid an expense […]