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Beginning January 1, 2013, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) is: 56.5 cents per mile for business miles driven 24 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations...

Due to current economic conditions, it’s likely that collecting on your accounts receivables is becoming more and more of a challenge. Strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. The following suggestions will help your business improve...

According to the IRS, under-reporting of income is the biggest contributing factor to the IRS tax gap–the amount owed by individuals and businesses versus the amount that was actually paid in taxes. In 2006, the most recent year for which data are available, under-reporting across taxpayer categories accounted for...

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By now, everyone has heard about the “fiscal cliff” bill signed into law on January 2, 2013, but what you might not understand is how it affects you. With that in mind, let’s take a closer look. What is the “Fiscal Cliff”? The term “fiscal cliff” refers to the...

Welcome 2013! As the new year rolls around, it’s always a sure bet that there will be changes to the current tax law and 2013 is no different. From health savings accounts to retirement contributions here’s a checklist of tax changes to help you plan the year ahead. Individuals...

January 10 Employees – who work for tips. If you received $20 or more in tips during December, report them to your employer. You can use Form 4070, Employee’s Report of Tips to Employer. January 15 Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies,...

Figure 1: Clearly-defined items result in precise reports.  Obviously, you’re using QuickBooks because you buy and/or sell products and/or services. You want to know at least weekly — if not daily — what’s selling and what’s not, so you can make informed plans about your company’s future. You get...

All Social Security recipients should receive a Form SSA-1099 from the Social Security Administration which shows the total amount of their benefits. But many people may not realize the Social Security benefits they received in 2012 may be taxable. The information outlined below should help you determine whether those...

In the aftermath of Hurricane Sandy, the Internal Revenue Service has announced several types of relief aimed at helping affected individuals and businesses. Here are two of them. Qualified Disaster Treatment of Payments to Victims of Hurricane Sandy In light of the designation of Hurricane Sandy as a qualified...