December 18, 2014
Optional standard mileage rates for use of a vehicle will change a little for 2015, the IRS announced on Wednesday, with the business use rate going up and the medical and moving rate going down (Notice 2014-79). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
For business use of a car, van, pickup truck, or panel truck, the 2015 rate will be 57.5 cents per mile, slightly higher than the 56 cents per mile rate that applies for 2014. Driving for medical or moving purposes may be deducted at 23 cents per mile, which is one-half cent lower than for 2014.
The rate for service to a charitable organization is unchanged, set by statute (Sec. 170(i)) at 14 cents a mile.
The portion of the business standard mileage rate that is treated as depreciation will be 24 cents per mile for 2015, up two cents from the 22-cent rate in effect for 2014.
For purposes of computing the allowance under a fixed and variable rate (FAVR) plan, the maximum standard automobile cost for 2015 is $28,200 for automobiles (not including trucks and vans) and $30,800 for trucks and vans, with no change for automobiles but an increase of $400 for trucks and vans, from 2014. Under a FAVR plan, a standard amount is deemed substantiated for an employer’s reimbursement to employees for expenses they incur in driving their vehicle in performing services as an employee for the employer.
According to the commission's online claims process, those whose personal information was exposed can opt for 10 years of free credit monitoring, which breaks down as follows: Four years via the three major credit bureaus (Equifax, Experian and TransUnion) and six years specifically through Equifax.
With all the tax law changes this year, be sure that you are getting your just deductions in the coming tax season. That is, qualifying deductions that fall under the Child and Dependent Care Credit. According to tax giant and trusted resource Intuit, here’s the skinny…
These days, we seem to have endless articles on IT security while traveling, but far fewer on physical safety. Because summer can be big travel months for many businesses, we put together the following list of tips to help keep you safe while away from home.