Monthly Archives: January 2015

Standard Mileage Rate Increases for 2015

Back in December, the IRS issued the optional standard mileage rate for business, medical, moving, and charitable deductible costs. Taxpayers have the option to use this rate as an alternative to the actual costs of operating an automobile. Surprisingly, with the fall of oil prices, the rate for 2015 increased to 57.5 cents/mile, up 1.5 […]

Tax Deadline Reminder: 2014 Forms 1099

Almost halfway through January, the Form 1099-MISC deadline is quickly approaching. Copies of this form are due to the recipient at the end of January (February 2, 2015 for 2014 Forms, since January 31, 2015 is a Saturday) and due to the IRS at the end of February (March 2, 2015, since February 28, 2015 […]

Am I required to file Form 1099-MISC for 2014?

This is a question I get asked often from new clients. In short, 1099s are issued by businesses (sole-proprietors, LLCs, partnerships, corporations, etc.) who’ve made payments in excess of $600 to individuals or other businesses during the ordinary course of business. This includes services (contract labor), rents, royalties, and interest. There are certain exceptions that […]