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The IRS recently announced mileage rates to be used for travel in 2013.  The Business, Medical, and  Moving mileage rates increase one cent versus 2012.  Unfortunately, the rate to be used for Charitable travel is unchanged because updates in this area require Congressional action.  Remember to create and keep a detailed log of your applicable mileage for your qualified business, medical, moving and charitable driving.  Without this documentation, your qualified

Sometimes big IRS related terms can mean BIG trouble If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to words you use every day. One of the more common words used by the IRS is the term “contemporaneous”. So what does it mean and why should you care? Contemporaneous Defined According

Here are the chances your return will be selected You can be audited the later date of either three years after the filing deadline of your tax return or when you actually filed your tax return.  However, there are two main exceptions to this rule that can extend the risk of being audited; 1 If the IRS audits a tax return and discovers an error of more than 25% of

Each year standard mileage rates are set by the IRS. For 2012 they are: Business Travel: 55.5¢/per mile Medical/Moving: 23¢/per mile Charitable Work: 14¢/per mile Too often this deduction is overlooked because proper documentation was not followed. Here are a few tips to ensure you receive the full benefit of this tax deduction. Tip 1: Track your applicable mileage in an auto log. This log is required to ensure your

Help get the word out The devastation caused by Hurricane  (now Superstorm) Sandy is widespread. And while you may not have been impacted directly by the storm, you may know of someone who was. Fortunately, the relief wheels are in motion, albeit never fast enough. In an effort to help those impacted and to help get the word out to those who may have been impacted here are some tips.

People Do the Craziest Things When tax laws are certain to change ♦ Don Larsen, former New York Yankee baseball pitcher, suddenly decides to sell the uniform he wore when he pitched a perfect game during the 1956 World Series. ♦ Former NCAA basketball coach Bob Knight decides to sell all his basketball championship rings. ♦ Also up for auction: Ozzie Smith, famed St. Louis Cardinal shortstop, Gold Glove awards