IRS
Shortly after publishing my post about your odds of being audited by the IRS, a reader sent me a message with a link to a CBS News article suggesting that your chances of being audited were actually much higher than previously thought. That is what the bold type headline screams, at least. In reality, if [...]
As tax season approaches, America’s thoughts turn to the required filing of income taxes. Theoretically, America’s tax system is a voluntary reporting system, however, that voluntary part is backed up by a pretty big stick, IRS audits. Odds of Being Audited According to IRS statistics, the chances of being audited by the IRS is about [...]
Every year a plethora of financial articles come out telling people how to save money on their taxes at the end of the year. It’s a fine idea, and frankly, no stone should go unturned. However, the best tax planning takes happens year round. That being said, there are numerous last-minute ways to cut income [...]
The standard tax deduction allowed for Americans is set each year in late October. The standard deduction is indexed for inflation, so it can increase or decrease in a given year depending upon how the cost of living index changes over time. Standard Deduction 2012 The 2012 standard deduction is the amount that taxpayers will [...]
Generally, the IRS sets the mileage rate for taxes once per year in December. Gas prices go up and and down through the year, but the mileage deduction rate is not adjusted monthly or quarterly. 2011 Mileage Rate Update However, the IRS increased the optional standard mileage rates for the last six months of 2011 [...]
Today is April 15th; taxes are due today. Wait! Actually, tax day 2011 is actually on April 18th thanks to a Washington D.C. holiday being observed on April 15th. That means all you slacker, procrastinators, and just plain still working on them taxpayers out there get a whole other weekend to work on your income [...]
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When deducting eligible automobile expenses, taxpayers have the option of deducting actual expenses or using the optional standard mileage rates to deduct automotive expenses. Because, the records required in order to deduct the actual expenses and depreciation of a car expenses are extensive and detailed, most people opt to use the standard mileage deduction. In [...]
Continue reading about 2011 Mileage Rate IRS Standard Deduction Amount Set