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Archive for the ‘Tax Deductions’ Category

Congress has Extended Some Tax Breaks Retroactively; Some Will Be Permanent

In mid-December, Congress renewed a long list of tax breaks known as “extenders” that have been expiring on an annual basis. This year many of the rules are retroactive to the beginning of 2015. You may be able to benefit from some of them as you prepare […]

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Adjust Your Mileage Reimbursements for 2016

Standard mileage rates for deductible vehicle expenses have decreased from the 2015 rates. Here are the rates to use to calculate 2016 reimbursements and deductions. Business. Starting January 1, the rate is 54 cents per mile for the use of a vehicle for business purposes. That’s down […]

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Miscellaneous deductions could cut your tax bill

If you itemize deductions, you may be able to deduct some of the miscellaneous expenses you pay during the year. These miscellaneous deductions can be taken only if their total exceeds two percent of your adjusted gross income. Deductions include such expenses as the following: * Unreimbursed […]

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