Starting January 1, 2021, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows:
Standard Mileage Rates for 2021
Topics: Taxes, Record Keeping, Tax Deduction
Tax Record Keeping Tips for Individuals and Businesses
The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year.
Topics: Business Ownership, Personal Finance, Taxes, Record Keeping, Tax Return, Tax Planning, Tax Preparation
Ready to File? This Tax Records Checklist Will Help
If you're a taxpayer who has not yet filed their 2019 tax return, you may be getting ready to do so now. One of the first things you will need to do - before visiting your tax preparer - is to gather all of your year-end income documents. Doing so ensures that your tax return is complete and accurate.
Topics: Taxes, Record Keeping, Tax Return, Tax Preparation
Five Tips to Protect Against Identity Theft
Tax-related ID theft occurs when someone uses a taxpayer's stolen personal information to file a tax return claiming a fraudulent refund. Thieves then use personal information like a stolen Social Security number. While the accounting profession and IRS work hard to prevent identity theft, taxpayers also play an important role.
Topics: Personal Finance, Taxes, Record Keeping
Reporting Tip Income: The Basics
The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about tips:
Topics: Taxable Income, Personal Finance, Taxes, Record Keeping, Tax Return, Tax Preparation
Tax Planning Includes Keeping Good Records
Topics: Taxes, Record Keeping, Tax Planning
Recordkeeping Tips for Small Business Owners
Topics: Business Ownership, Record Keeping, Small Business
Be Prepared When Natural Disasters Strike
While September and October are prime time for Atlantic hurricanes, natural disasters of any kind can strike at any time. As such, it's a good idea for taxpayers to think about - and plan ahead for - what they can do to be prepared.
Topics: Personal Finance, Record Keeping