Resources - Smoker Smith & Associates

Reminders & Updates

2021 Standard Mileage Rates

56 cents per mile for business miles driven
16 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

2020 Standard Mileage Rates

57 1/2 cents per mile for business miles driven
17 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

Check It Out!

Check out the article in the Central Penn Business Journal, Women Who Lead, March 2019 article featuring our partner Jori Culp

http://www.cpbj.com/article/20190306/CPBJ01/303069999/women-who-lead-jori-m-culp-cpa?fbclid=IwAR1QS3LqoY_P5jEkST4y0QOhRYFYvqzr3UunTpTTFF5PKLUqEfT3JSxd-Tw

Tax-Related Identity Theft

The IRS combats tax-related identity theft with aggressive strategies of prevention, detection and victim assistance. To find out more about tax-related identity theft call our office or visit https://www.irs.gov/identity-theft-fraud-scams/identity-protection for information and guidance.

Remember that the IRS will never contact you by electronic means. This includes emails, phone calls, text messages, or social media channels. If you are ever in doubt whether contact by someone claiming to be from the IRS is legitimate, call our office first for verification.

Educate yourself about the revised tax benefits for higher education

If you or your child attends (or plans to attend) college, you may be eligible for tax breaks to help foot the bill. The new Consolidated Appropriations Act made some changes. The law repeals the Tuition and Fees Deduction for 2021 and later years. In addition, for 2021 and beyond, the new law aligns the income phase-out rule for the Lifetime Learning Credit (LLC) with the more favorable phase-out rule for the American Opportunity Tax Credit (AOTC). The LLC can be worth up to $2,000 per tax return annually while the AOTC can be worth up to $2,500 per student each year. Talk with us about which tax credit is the most beneficial in your situation. Each has its own requirements.