Uh-oh. Santa's tax return is being audited. He claimed the standard mileage rate on the sleigh, but didn't keep a mileage log! He needs to find his receipt for sponsoring the Reindeer Games. His inventory at the end of the year, and every year, is zero - that's suspicious! Worst of all, he paid the elves as independent contractors instead of employees! Yeesh.
Santa could have benefited from professional tax planning!!
The time is now to strategically plan to stop wasting money on taxes you are not required to pay.
The IRS admits that American taxpayers leave money on the table. Planning to pay less taxes is legal and prudent. Depending upon your goals, career, income, investments, age and family circumstances, I can devise and help you implement strategies that legally reduce your tax payments, so you can stop wasting money on taxes you are not required to pay. Instead, you can put those dollars into education, savings, investments, home improvement, vacations or spend them as you choose.
12/6/10
Standard Mileage Rates for 2011
The IRS allows two methods of deducting business use of a vehicle.
The first is substantiating actual expenses for deductible costs. Corporations must use this method.
The IRS permits unincorporated taxpayers to use a standard mileage rate. Although using the standard rate may be it more convenient than tracking all actual expenses related to non-personal use, actual expense deduction may be greater than the standard rate deduction in many cases.
The following are the standard mileage rates for the second half of 2011.
Business mileage rate is $0.555
Medical and moving rate is $0.235
Charitable rate is 14 cents per mile (no change).
The following are the standard mileage rates for the first half of 2011.
Business mileage rate is 51 cents per mile (up from 50 cents per mile).
Medical and moving rate is 19 cents per mile (up from 16.5 cents per mile).
Charitable rate is 14 cents per mile (no change).
STANDARD MILEAGE RATES
Business Med Charity
& Moving
2010 $0.500 $0.165 $0.14
Business rate includes $0.23/mile depreciation
2009 $0.550 $0.24 $0.14
Business rate includes $0.21/mile depreciation
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!
The first is substantiating actual expenses for deductible costs. Corporations must use this method.
The IRS permits unincorporated taxpayers to use a standard mileage rate. Although using the standard rate may be it more convenient than tracking all actual expenses related to non-personal use, actual expense deduction may be greater than the standard rate deduction in many cases.
The following are the standard mileage rates for the second half of 2011.
Business mileage rate is $0.555
Medical and moving rate is $0.235
Charitable rate is 14 cents per mile (no change).
The following are the standard mileage rates for the first half of 2011.
Business mileage rate is 51 cents per mile (up from 50 cents per mile).
Medical and moving rate is 19 cents per mile (up from 16.5 cents per mile).
Charitable rate is 14 cents per mile (no change).
STANDARD MILEAGE RATES
Business Med Charity
& Moving
2010 $0.500 $0.165 $0.14
Business rate includes $0.23/mile depreciation
2009 $0.550 $0.24 $0.14
Business rate includes $0.21/mile depreciation
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!
11/26/10
Q: Is it too late in the year to do tax planning?
Q: Is it too late in the year to do tax planning?
A: Unless today is the last business day of the year, it is never too late to do tax planning. Some changes must occur before December 31 to get credit in the current year. Then again, in order to get a full 365 days worth of tax incentives next year, now is the time to plan for changes that will take effect on January 1.
A: Unless today is the last business day of the year, it is never too late to do tax planning. Some changes must occur before December 31 to get credit in the current year. Then again, in order to get a full 365 days worth of tax incentives next year, now is the time to plan for changes that will take effect on January 1.
4/11/10
Raising taxes on high-earning families has begun
Raising taxes on high-earning families has begun, with the newly-enacted healthcare legislation. Will the attack on households with $250K incomes stop with this single bill?
If the US deficit is to be paid with tax hikes on upper incomes, it would require a tax rate of 77 percent on top earners according to Rosanne Altshuler of the Tax Policy Center in Washington, as quoted by Mark Trumbull in The Christian Science Monitor, April 11, 2010.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Act now to implement a tax-savings plan!
If the US deficit is to be paid with tax hikes on upper incomes, it would require a tax rate of 77 percent on top earners according to Rosanne Altshuler of the Tax Policy Center in Washington, as quoted by Mark Trumbull in The Christian Science Monitor, April 11, 2010.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Act now to implement a tax-savings plan!
1/20/10
Beware of savings bonds no longer earning interest
The following savings bonds are no longer earning interest.
SERIES........................ISSUE DATE
E.............................May 1941 through January 1980
EE............................January 1980
H.............................All issues
HH............................January 1980 through January 1990
Savings Notes.................All issues
A, B, C, D, F, G, J, K ...... All issues
How long bonds earn interest based on issue date:
SERIES........ISSUE DATE.........................NUMBER OF YEARS BONDS EARN INTEREST
E.............May 1941- November 1965............40 years
..............December 1965 - June 1980..........30 years
EE............All issues.........................30 years
H.............June 1952- January 1957............29 years, 8 months
..............February 1957- December 1979.......30 years
HH............All issues.........................20 years
I.............All issues.........................30 years
Savings Notes.All issues.........................30 years
A tax-savings strategy is to cash the non-earning bonds and invest the proceeds in a tax-favored investment.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Sooner implementation results in greater savings, so act now!
SERIES........................ISSUE DATE
E.............................May 1941 through January 1980
EE............................January 1980
H.............................All issues
HH............................January 1980 through January 1990
Savings Notes.................All issues
A, B, C, D, F, G, J, K ...... All issues
How long bonds earn interest based on issue date:
SERIES........ISSUE DATE.........................NUMBER OF YEARS BONDS EARN INTEREST
E.............May 1941- November 1965............40 years
..............December 1965 - June 1980..........30 years
EE............All issues.........................30 years
H.............June 1952- January 1957............29 years, 8 months
..............February 1957- December 1979.......30 years
HH............All issues.........................20 years
I.............All issues.........................30 years
Savings Notes.All issues.........................30 years
A tax-savings strategy is to cash the non-earning bonds and invest the proceeds in a tax-favored investment.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Sooner implementation results in greater savings, so act now!