Weekly Tax Brief
President Obama has signed the Protecting Americans from Tax Hikes Act of 2015.
- Details
- Published: 21 January 2016 21 January 2016
Several tax breaks have been made permanent such as the Research Tax Credit, Section 179 Expensing of $500,000, Charitable Distributions from IRA for individuals age 70 ½ or over, Child Tax Credit, American Opportunity Tax Credit, and the State & Local Sales Tax Deduction.
The Act renews some provisions through only 2016 such as the Qualified Tuition & Fees deduction, and Mortgage Debt Exclusi...
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IRS Announced 2016 Standard Mileage Rates for Business, Medical and Moving
- Details
- Published: 21 January 2016 21 January 2016
Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 54 cents per mile for business miles driven, down from 57.5 cents for 2015
- 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
- 14 cents per mile driven in service of charitable organizations
