January 17, 2018

Mileage Rates for 2018

The IRS recently announced mileage rates to be used for travel in 2018.

  • The standard business mileage rate increased by 1 cent to 54.5 cents per mile.
  • The medical and moving mileage rates also increased by 1 cent to 18 cents per mile.
  • Charitable mileage rates remained unchanged at 14 cents per mile.
2018 Standard Mileage Rates
Mileage Rate/Mile
Business Travel 54.5¢
Medical/Moving 18.0¢
Charitable Work 14.0¢
Mileage Rates

Here are 2017 rates for your reference as well.

2017 Standard Mileage Rates
Mileage Rate/Mile
Business Travel 53.5¢
Medical/Moving 17.0¢
Charitable Work 14.0¢
Mileage Rates

Remember to properly document your mileage to receive full credit for your miles driven. We recommend using MileIQ for recording your miles. (Note that there might be additional fees involved)

Call Darshi Kasotia, CPA today at 832 532 3000 or Contact Us online now.

 

Filed Under: 1120, Deductions, Tax Tips
January 16, 2018

1099 Filing Date Just Around The Corner

If you operate a business and engage the services of an individual (independent contractor) other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, you are required to issue the individual a Form 1099-MISC soon after the end of the year to […]

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Filed Under: 1120, Deductions, Miscellaneous, Tax Tips
December 6, 2017

401k and Retirement Plan Limits for the Tax Year 2018

On October 19, 2017, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year of 2018. Highlights of Changes for 2018 The contribution limit for employees who participate in 401k, 403b, most 457 plans, and the federal government’s Thrift Savings Plan is […]

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Filed Under: 1040, 401 K, IRA, Roth IRA, Traditional IRA
November 26, 2017

401(k) limits to change for 2018

401k Contribution

A 401(k) is a good way to save for retirement because your money grows tax-free. The government will raise the contribution limit to $18,500 from $18,000 in 2018. Those age 50 and older can save even more by making what’s called a “catch-up” contribution. The catch-up contribution is limited to $6,000 a year, for a total […]

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Filed Under: 401 K, Deductions
April 20, 2017

Track My Refund

Proud achievement of the Day! Added (For Personal Tax Returns – 1040) Track Federal Refund & Track Federal Amended Return Refund on the website!

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Filed Under: Uncategorized