Blog - Darshi Kasotia, CPA

Darshi Kasotia, CPA 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¢

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¢

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

Darshi Kasotia, CPA 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 […]

Filed Under: 1120, Deductions, Miscellaneous, Tax Tips

Darshi Kasotia, CPA 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 […]

Filed Under: 1040, 401 K, IRA, Roth IRA, Traditional IRA

Darshi Kasotia, CPA November 26, 2017

401(k) limits to change for 2018

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 […]

Filed Under: 401 K, Deductions

Darshi Kasotia, CPA April 20, 2017