PATH addressed many critical extenders, such as Section 179 expensing and the research tax credit. With those necessary provisions handled, the stakes this year are much lower. It’s unlikely that the House and Senate will take any action before they adjourn for several weeks leading up to the November elections. Continue reading…
The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. 2016 Standard Mileage Rates for Business Announced below.
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 business miles driven, down from 57.5 cents for 2015
- 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
- 14 cents per mile driven in service of charitable organizations
The business mileage rate decreased 3.5 cents per mile and the medical, and moving expense rates decrease 4 cents per mile from the 2015 rates. The charitable rate is based on statute.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical or charitable expense are in Rev. Proc. 2010-51. Notice 2016-01 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.
This is a schedule for 2014 IRS Refund Cycle Chart. Direct Deposit and Check date’s below. Please see disclaimer. 2014 tax refund schedule is listed below for information purposes. This is just for the first week. Find out when you’re state income tax refund will be in. Please consider donating $1 to $5 to us for help with cost of running the site. Thank you.
Please note that due to heavy volumes on the opening week of tax season, several direct deposits may be pushed to the second week of payouts. | IRS approves your return (by 11:00 am) between…* | Projected Direct Deposit Sent on or before* | Projected Paper Check Mailed* | ||||
| January 24 | and | January 31 2014 | 2/6/2014 & 2/10/2014 | 2/7/2014 Continue reading… | ||
| IRS accepts your return (by 11:00 am) between…* | Projected Direct Deposit Sent* | Projected Paper Check Mailed* | ||||
January 30, 2013 |
2/6/2013 |
2/8/2013 |
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January 31 |
and |
February 6, 2013 |
2/13/2013 |
2/15/2013 |
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February 9 |
and |
February 13, 2013 |
2/20/2013 |
2/22/2013 |
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February 16 |
and |
February 20, 2013 |
2/27/2013 |
3/1/2013 |
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February 23 |
and |
February 27, 2013 |
3/6/2013 |
3/8/2013 |
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March 1 |
and |
March 6, 2013 |
3/13/2013 |
3/15/2013 |
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March 8 |
and |
March 13, 2013 |
3/20/2013 |
3/22/2013 |
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March 15 |
and |
March 20, 2013 |
3/27/2013 |
3/29/2013 |
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March 22 |
and |
March 27, 2013 |
4/3/2013 |
4/5/2013 |
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March 29 |
and |
April 3, 2013 |
4/10/2013 |
4/12/2013 |
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April 5 |
and |
April 10, 2013 |
4/17/2013 |
4/19/2013 |
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April 12 |
and |
April 17, 2013 |
4/24/2013 |
4/26/2013 |
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April 19 |
and |
April 24, 2013 |
5/1/2013 |
5/3/2013 |
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April 26 |
and |
May 1, 2013 |
5/8/2013 |
5/10/2013 |
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May 3 |
and |
May 8, 2013 |
5/15/2013 |
5/17/2013 |
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May 10 |
and |
May 15, 2013 |
5/22/2013 |
5/24/2013 |
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May 17 |
and |
May 22, 2013 |
5/29/2013 |
5/31/2013 |
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May 24 |
and |
May 29, 2013 |
6/5/2013 |
6/7/2013 |
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May 31 |
and |
June 5, 2013 |
6/12/2013 |
6/14/2013 Continue reading… |
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Hello,
I am posting to answer some questions that have been asked of my small business as of late.
# How much do you charge for individual income tax preparation?
Our fees are based on the number of individuals in the plan. The charge is $0 per individual. Yes, this does include dependents. So a family of four would pay $200.
# Can the tax preparation fee be taken out of my return or do I need to pay for the service upfront?
Both. We can either accept payment when filing or can have the payment deducted from your return.
# When is the first day that we can file an income tax return in 2013?
It really depends on the forms you will need. The I.R.S. has given dates for some forms and other forms are expected to be out around the same time.
Federal Forms
Form 1040A Individual Tax Return
01/10/2013
Schedule 8812 Child Tax Credit
Schedule EIC Earned Income Credit
So from reading this, it can be said that the 10th of January will be the first day that we will be able to efile your income tax forms.
# When will my return be direct deposited or a check mailed to me if I efile?
The I.R.S. hasn’t given out much detail about their schedule but we have used prior years I.R.S. Tax Calendar and modified it using the information that we have received from the I.R.S. so far. To view the I.R.S. 2013 Income Tax Payment Schedule, click here.
# How much will I get back from my return?
That is entirely dependent on your personal factors including your income and tax payments for 2012. You’re personal situation can also affect this great. HR Block created a great tool for getting an estimate of your tax refund. It is simple, so if you have more advanced taxes, it is most likely incorrect. You can calculate your 2012 Income Tax Return by clicking here.
Industry experts generally agree that proper tax planning takes an average of six months – the time it often takes experts to educate themselves on all available opportunities, determine the best approach, and implement the plan. When you consider that six months from today puts us in March 2013, suddenly next year’s tax season doesn’t seem so far away. If you really want to get the best tax outcomes in 2013: the time to start planning is now.
Next year’s tax climate can be best characterized by its extreme uncertainty, which will be brought on by changes resulting from the Supreme Court upholding the Affordable Care Act, as well as by a number of provisions in the Bush tax cuts that are set to expire. This level of uncertainty will make early 2013 a chaotic time for tax planning, and it makes now an even more important time to get the planning process started.
With many provisions of the Bush tax cuts set to expire at year end, starting your 2013 tax planning now means you’ll still have a chance to take advantage of some breaks that may be history by year end. Rates are set to increase on federal income taxes (from 36 percent to 39.6 percent), long-term capital gains (from a maximum tax rate of 15 percent to 20 percent), and dividends (to be taxed as ordinary income). Waiting too long to plan for 2013 may cause you to miss out on some of these tax breaks for good.
Significant changes are also set to take place when it comes to the estate tax. This tax is set to increase from 35 percent this year to 45 percent next, and the lifetime exemption amount will go down from $5.12 million to $1 million – unless Congressional action is taken. These changes are likely to impact your plans for 2013, and they make it even more critical that you start the planning process immediately.
Another large tax provision certain to have an impact on many individuals is the higher Alternative Tax Exemption, or AMT patch. This exemption is set to drop from $74,450 this tax year to $45,000 next year. This means that not only will many more people have to pay the AMT patch, but the increase in taxable income will result in even more taxes that individuals pay next year. AMT may not have applied to you in the past, but this year, it may be one of many reasons for you to plan carefully for 2013.
“Regardless of what happens in Congress between now and the end of the year, people can still ensure economic stability for themselves and their future,” said Andrew Lattimer, a partner at BlumShapiro. “But the key is starting now by consulting your tax professionals while there is time to plan without being caught up in what is certain to be a chaotic early 2013.”