Tips & Reminders
Calculating the Amount of a Deductible Vehicle Expense
The price at the pump is increasing and many of you looking to deduct a vehicle that you use for business purposes. The IRS has made a mid-year change to the standard mileage rate for the final six months of 2011. The rate will increase to 55.5 cents a mile for all business miles driven… read more
Record Keeping Checklist That Will Pay Off Next Tax Season
Eliminate the last-minute stress of trying to pull your tax materials together a month before Tax Day, by taking some time this summer to ensure your recordkeeping is in top shape. There’s no “one-size-fits-all” way to keep your tax and financial records in order. However, the IRS recommends businesses and individuals follow specific guidelines to… read more
Planning your Retirement – Reading List
If you’re a small business owner, someone who’s approaching retirement age, an entrepreneur with a new business start-up, or a family of four with kids getting ready to leave for college, retirement is something we all have in common. No matter your age, or where you are in life, planning for retirement is something that… read more
New IRS Regulations
New IRS regulations require us to receive your consent to continue to send you information you may find beneficial as a tax payer. By signing and returning the form 7216, it allows Muckel Anderson CPAs to communicate with you by mail and email information that would be useful to you as a taxpayer. This may… read more
Higher Education Tuition Deduction
A maximum deduction of $4,000 can be claimed for higher education tuition payments paid for oneself, a spouse or a dependent. Qualified higher education expenses include tuition, books, supplies and equipment. The deduction is phased out if your AGI is between $130,000 and $160,000 ($65,000 and $80,000 if you are single).
