For the second year in a row, the standard mileage rates used to calculate the deductible costs of operating an automobile for business has dropped.
Author: Wendy Shick
As your health or the health of someone you care about begins to “slip” you may consider bringing in some additional assistance to help improve functionality and overall well being. Fortunately, you may be able to catch a bit of a break on your tax bill thanks to the personal medical expense deduction. Read on to learn more.
If you own your own business or are an employee who uses your personal vehicle for business, you are allowed a tax deduction for this use. There are two methods which may be used to calculate the amount of the deduction: Standard Mileage Rate Method The deduction is calculated by multiplying the number of business … Continued
Decisions, decisions. When it comes to Social Security benefits, deciding when to begin your benefits is a very big decision. It’s a choice you’ll want to make based on a number of points, including when you quit working, how much you have saved, how healthy you are, your marital status, the amount your spouse is … Continued
Are you concerned about how you will afford your child’s college education with shrinking balances in your savings accounts? Do you need direction on how to assist your aging parents with their financial needs? Do you want to find ways to spend less each month? Helpful and understandable information on these and so many other … Continued
Now that it’s autumn, many business owners are thinking ahead to year-end issues. Besides the numbers and year-end planning, one of the many things that might be on your mind is the holidays. Being the generous business owner that you are, you might be thinking about how you are going to reward your employees for … Continued
According to the tax law, medical expenses can only be deducted to the extent that they are greater than 7.5 percent of adjusted gross income. Most taxpayers remember to include their health insurance premiums, long-term care insurance, dental insurance and Medicare, but there are more deductions available. In addition, you may normally not be able … Continued
Many investors have access to investments that allow for reinvestment of dividends and mutual fund distributions. Up until a few years ago, this has primarily been restricted to dividend reinvestment plans (DRIPs) and mutual funds. Now brokerage firms will reinvest dividends for stock holdings that are held in street name. These reinvestment options complicate the … Continued
Your credit report is like a scorecard that should be reviewed at least once a year. It offers a multitude of information, such as the amount of outstanding debt, how timely you are in paying your debt payments, and the excess credit you have available to tap into. A good credit report will ultimately save … Continued
We have all heard that having a revocable living trust avoids probate, but do we really understand what that means? The probate court oversees transferring property from the name of a decedent to the designated beneficiaries. This process can take from six months to two years for most estates. Assets held in trust, owned jointly … Continued