by Christina Minton | Feb 17, 2025 | The Audit
The tax code allows deductions for qualified miles driven for business, medical, moving and charitable purposes. But to claim this deduction you must keep adequate records of actual miles driven. During an audit, this is an often disallowed deduction, despite the fact...
by Christina Minton | Feb 10, 2025 | Your Income
What to do to fix this thorny problem It’s sometime in February and you realize the Form 1099 you received is in error. In fact, it overstates your income by several thousand dollars. What should you do? Gather your facts. Put yourself in the shoes of the...
by Christina Minton | Feb 3, 2025 | Miscellaneous
Knowing the difference is very important As informational tax forms start flowing in, you are reminded to review the forms and determine the correctness of the form. One of the keys is whether your employer (or contractor) sends you the correct form. Getting it wrong...
by Christina Minton | Jan 27, 2025 | Whats New
What you need to know In late December, the IRS announced plans to issue automatic payments to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns. The payments should be received in late January. No action is needed for eligible...
by Christina Minton | Jan 20, 2025 | Whats New
New mileage rates announced by the IRS Mileage rates for travel are now set for 2025. The standard business mileage rate increases by 3 cents to 70.0 cents per mile. The medical and moving mileage rates stay at 21 cents per mile. Charitable mileage rates remain...
