Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2015.
Standard Mileage Rates
The standard mileage rates in 2015 are as follows: 57.5 cents per business mile driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations. Read more
From tax credits and educational expenses to the AMT, many of the tax changes affecting individuals for 2015 were related to the signing of the American Taxpayer Relief Act (ATRA) in 2012–tax provisions that were modified, made permanent, or extended. With that in mind, here’s what individuals and families need to know about tax provisions for 2015. Read more
On December 7th, President Obama signed a 5-year infrastructure spending Bill that once again allows the IRS to use Private Debt Collectors in collecting tax debt from taxpayers. Most of the additional money being raised will be used towards fixing America’s highways. LMGW found this Forbes article helpful in summarizing the Bill and what to expect…
Let us know if you owe back taxes to the IRS or if you’ve been contacted via letter by a 3rd party debt collector.
Whether you play the lottery, roll the dice, play cards, or bet on the ponies, all of your gambling winnings are taxable and must be reported on your tax return. If you gamble, these tax tips can help you at tax time next year: Here’s what you need to know about figuring gambling income and loss. Read more