Accounting Advocate for Individuals and Businesses

Rockin' tax tips

TAX TIP #116-2016 STANDARD MILEAGE RATES FOR BUSINESS, MEDICAL, AND MOVING ANNOUNCED

The Internal Revenue Service issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for busin... Read more

TAX TIP #115-TAX SAVING TIPS–2015 PART 2

1. If someone just started a business this year and they do not expect to earn any income from the business—what can they include as their expenses? Even if you have not profited from your new business, you are still entitled t... Read more

TAX TIP #114-TAX SAVINGS TIPS—2015

Save Money with a Flexible Spending Account A "spending" account is different form a "savings" account. You must use up your Flexible Spending Account (FSA) dollars or they disappear. If you still ... Read more

TAX TIP #113-IRS TAX TIPS FOR DEDUCTING GIFTS TO CHARITY

If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind: 1. Give to qualified charities. You can only deduct gifts you give to a qualified charity. Use the IRS ... Read more

TAX TIP #112-SELL UNDERPERFORMING STOCKS HELD IN TAXABLE ACCOUNTS

Sell Underperforming Stocks Held in Taxable Accounts Selling losing investments held in taxable brokerage firm accounts can lower your 2015 tax bill, because you can deduct the resulting capital losses against this year's capital gains. If your losses exceed your gains, you will have a net capital loss. You can deduct up to $3,000 of net capital loss (... Read more

TAX TIP #111-PAY COLLEGE TUITION BILLS EARLY

Pay College Tuition Bills Early If you qualify for the American Opportunity credit or the Lifetime Learning credit but haven't incurred enough expenses to max out the credit for 2015, consider prepaying tuition bills due in early 2016. Specifically, you can claim a 2015 credit based on prepaying tuition for academic periods that begin in January th... Read more