Changes for 2013/2014

Fifty tax breaks expired on December 31. Among some of the more common ones were: the $250 subtraction from gross income for teachers and educators, and energy efficient home improvement tax credits such as qualified insulation and doors and heating and cooling equipment. A very significant break that expired was the Mortgage Forgiveness Debt Relief Act which underwater homeowners could …

Quickbooks and the IRS

  We have noticed that more and more the IRS is requiring small business folks to furnish them a copy of their Quickbooks file. While they are in their rights to do so steps can be taken to protect you. Never, ever give them a copy of all years. They typically only request one year, so just furnish them that. …

Mileage Rates 2014

  New (sorta) mileage rates for 2014 The IRS has announced a slight change in mileage for 2014. Business miles are now $0.56 per mile Medical and moving rates are $0.235 per mile Unchanged is the rate of $0.14 per mile for charity. These are only about a half penny less than last year. They can be readjusted by the …