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House GOP Tax Cuts Job Act

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Please click on the following link for the latest information on the:

House GOP Tax Cuts Job Act.

2017 Tax Planning Guide

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Click on the links below to view the letter from Managing Partner William Finestone and teh 2017 Tax Planning Guide:

WHF Tax Planner letter 2017-2018 Tax Planning Guide

November 2017 Tax Report

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Click on the link for the November 2017 Tax Report

November 2017 Tax Report

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Click on the link for the November 2017 Tax Report

November 2017 Client Bulletin

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Click on the link for the Client Bulletin Nov 2017

August 2017 Client Bulletin

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Clink on the link for the August 2017 Client Bulletin

July 2017 Client Bulletin

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Click on the link for the July 2017 Client Bulletin

June 2017 Client Bulletin

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Click on the link for the June 2017 Client Bulletin

IRS REDUCES STANDARD MILEAGE RATES FOR 2017

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The IRS has announced decreases in the standard mileage rates that taxpayers will use for calculating business, medical, and moving expenses in 2017. Use of the standard mileage rate is a popular alternative to using the actual expense method, which requires taxpayers to keep track of specific costs for maintenance, repairs, tires, gas, oil, insurance, etc.

Business Use

According to the IRS, the standard mileage rate for use in calculating 2017 business travel expenses is 53.5¢, down from 54¢ in 2016. The new rate also applies where the employer maintains an “accountable” plan for reimbursing employees who use their own automobiles for business-related travel. Additionally, if an employee is provided with a company-owned vehicle for personal use, the employer may use the standard mileage rate to value the benefit. 

Medical Travel

The IRS also announced a reduction in the mileage rate applicable to medical travel. The new rate is 17¢, down from 19¢. Costs of medical travel are potentially deductible on Schedule A of Form 1040 where the taxpayer has had to travel for medical treatment.

Moving

The 2¢ reduction also applies to mileage claimed as moving expenses, decreasing this rate to 17¢. Allowable moving expenses may be taken as an “above-the-line” adjustment where the taxpayer has to move for a job that is at least 50 miles farther from his or her prior residence than the prior employment. 

Charitable Work

No reduction will apply to the rate allowed for any travel related to charitable work, which remains at 14¢ per mile. This rate is set by statute and is not inflation-adjusted.

Generally, the IRS adjusts the standard mileage rate annually, though it sometimes makes a midyear adjustment when gasoline prices have changed significantly.

Summary

The new standard mileage rate is in effect for all business, medical, and moving expenses incurred in 2017. If you have any questions about how the standard mileage rates apply in particular (or deducting travel expenses in general), let us know.