IRS Standard Business Mileage Rate Under the standard mileage rate method, a taxpayer who owns or leases an automobile (including a van, pickup or panel truck) and uses it for business may claim an expense deduction equal to the standard mileage rate time the number of business miles traveled in the year. I find that […]
Year-End Tax Planning Strategies for 2009
As we approach the end of 2009, here are some things to consider as it relates to your personal and business tax returns: Healthcare Reform Bills Many observers are convinced that we’ll have a healthcare reform bill enacted this year. On Saturday, November 7, the House of Representatives by a vote of 220-215 approved H.R. […]
Planning for IRA Contributions
Over the past several years, I have suggested to healthcare clients who did not have a deductible or “rollover” IRA account and were participants in a retirement plan, that they make nondeductible IRA contributions. While the IRA was not deductible on the personal return, the earnings continued to be tax-deferred. We were also planning for […]
Retirement Plan Update
The IRS has mandated that all qualified plans that use a pre-approved plan document restate their current plan to include the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”). Plans must be restated on an approved plan document by April 30, 2010. If you haven’t made plans for updating your plan, be sure […]
“Making Work Pay” Tax Credit
The recently enacted “American Recovery and Reinvestment Act of 2009” contains a wide-ranging tax package that includes tax relief for low and moderate-income wage earners, individuals and families with college expenses, and home and car purchasers. The centerpiece of the tax package is a “Making Work Pay” tax credit of up to $400 per year […]
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