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IRS Mileage Rates for 2014

The Internal Revenue Service has issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 56 cents per mile for business miles driven
• 23.5 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

The business, medical, and moving expense rates decrease one-half cent from the 2013 rates.  The charitable rate is based on statute.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

About E-File Florida E-File Florida helps individuals and small business owners to lower their tax bills and maximize their tax refunds. We actually enjoy getting to know our clients and have built a solid reputation of delivering excellent personal service while maintaining the highest level of integrity within the tax preparation industry. We welcome the opportunity to make you a Raving Fan!   Contact Us: PH: (954) 583-8534 FAX: (954) 583-8557 Email: info@efileflorida.com http://www.efileflorida.com   Follow Us:

This Thing Called Time

Honestly, it’s just crazy! The older I get, the faster life seems to run. I thought that it would slow down a little as the kids got older. I figured that not having to run after little ones would afford me a little more time and freedom. Although this is true in some respects, it just seems that life has picked up a velocity that keeps churning, spinning and pushing me to the brink of exhaustion. 

The beautiful balmy breeze in South Florida and brilliant sunshine taunt me as I yearn to spend a lazy day at the beach.  Scratch that. Did I say “day”? I really meant at least a month. Heck, I’ll take a day-who am I kidding? I KNOW I’m not the only one who feels this way, right?

Several years ago I asked a friend’s mother a question as I pondered this same dilemma that was plaguing me back then. She must have been in her mid 70’s when I asked her a series of probing questions concerning this warp speed that my life had taken on.

“WHEN-Please tell me when this will slow down? Will it slow down? Does it ever slow down?” I’ll never forget her response. She looked at me through her thick glasses and said, “Oh yes, dear. It does slow down.  After the grandchildren are all grown up, it starts to slow down a bit.”

REALLY?

 

Do You Have To File A Tax Return This Year?

You are required to file a federal income tax return if your income is above a certain level, which varies depending on your filing status, age and the type of income you receive. However, the Internal Revenue Service reminds taxpayers that some people should file even if they aren’t required to because they may get a refund if they had taxes withheld or they may qualify for refundable credits. To find out if you need to file, check the Individuals section of the IRS website at http://www.irs.gov. You can use the Interactive Tax Assistant that is available on the IRS website. The ITA tool is a tax law resource that takes you through a series of questions and provides you with responses to tax law questions. You can also check with E-File Florida for guidance. Even if you don’t have to file for 2011, here are six reasons why you may still want to: 1. Federal Income Tax Withheld You should file to get money back if your employer withheld federal income tax from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year’s tax. 2. Earned Income Tax Credit You may qualify for EITC if you worked, but did not earn a lot of money. EITC is a refundable tax credit, which means you could qualify for a tax refund. To get the credit you must file a return and claim it. 3. Additional Child Tax Credit This refundable credit may be available if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit. 4. American Opportunity Credit Students in their first four years of postsecondary education may qualify for as much as $2,500 through this credit. Forty percent of the credit is refundable so even those who owe no tax can get up to $1,000 of the credit as cash back for each eligible student. 5. Adoption Credit You may be able to claim a refundable tax credit for qualified expenses you paid to adopt an eligible child. 6. Health Coverage Tax Credit Certain individuals who are receiving Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment Assistance or pension benefit payments from the Pension Benefit Guaranty Corporation, may be eligible for a 2011 Health Coverage Tax Credit. Eligible individuals can claim a significant portion of their payments made for qualified health insurance premiums.     About E-File Florida E-File Florida helps individuals and small business owners to lower their tax bills and maximize their tax refunds. We actually enjoy getting to know our clients and have built a solid reputation of delivering excellent personal service while maintaining the highest level of integrity within the tax preparation industry. We welcome the opportunity to make you a Raving Fan!   Contact Us: PH: (954) 583-8534 FAX: (954) 583-8557 Email: info@efileflorida.com http://www.efileflorida.com   Follow Us: