New Refinancing Fee Starts Today!
If there's a possibility that your mortgage will be sold to Fannie or Freddie (over 2/3 are), then you'll have a .5% fee added to the costs of refinancing your home.
Category: Deductions
Creatives Taxation Workshop
We’re participating in Invisible Majority’s taxation workshop. The workshop will focus on what creative types need to know about their crafts and taxation. More Info
2020 Mileage Rates
WASHINGTON — The Internal Revenue Service today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Changes To I.R.S. Section 179
Summer 2013
This alert is to inform you of changes the IRS is making regarding the annual election under Section 179 of the Internal Revenue Code (the “Code”), and is often referred to as the “Section 179 election” or the “Code Section 179 election.” For 2013 tax returns, the allowable 179 expense election is $500,000. For 2014, the allowable 179 expense election will be reduced to $25,000. This represents a significant decrease in allowable 179 deduction available for you in 2014. This reduction should be taken into consideration for 2013 year-end planning and budgets for the subsequent 2014 year. Please consult your tax adviser regarding your specific situation and how you can plan accordingly.
2014 Mileage Rates
The Internal Revenue Service today issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business purposes.