A new year doesn’t just mean remembering to write 2015 instead of 2014 after the date. Many of us have experienced changes in 2014 that will impact our tax status for 2015. If you recently married, had a change in dependent status, finalized a divorce, or even bought a new house, your tax situation probably […]
Monthly Archives: January 2015
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Jan
Jan
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 […]
13
Jan
Jan
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 […]
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 […]