Taxes
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 [...]
For the most part, I typically assume that people who have misinformation came by it honestly. Usually, they didn’t quite understand fully what they read or were told. After all, one of the trickiest things about managing money and personal finance is that there are so many exceptions and nuances. In a lot of cases, [...]
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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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Financial advisors and other financial professionals throw around certain terms like everyone already knows what they mean. In some cases, they are right, and in other cases, most people only have a partial grasp on what exactly a certain financial term means. In many cases, knowing the full definition of a word or phrase makes [...]
Contributions to IRA accounts for 2010 and 2011 are subject to an annual limit of $5,000 for all taxpayers under age 50. (The IRA contribution limits for 2011 are the same as the IRA contribution limits for 2010.) IRA owners over age 50 can contribute an additional $1,000 catch-up contribution to their IRA account for [...]
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 [...]
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One of the biggest tax deductions most taxpayers will qualify for is the interest paid on their mortgage. Mortgage interest is tax deductible. Up to 100 percent of mortgage interest paid during the tax year can be deducted on your income taxes as long as your total mortgage balance is less than $1 million. In [...]
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