January 2016 Newsletter

It's officially tax season! Are you prepared? Tax season can be stressful and confusing - but it doesn't have to be if you're informed and organized. Here is some important information our tax experts think should know to face the season head on. Announcing the IRS Standard Mileage Rates for 2016 As of January 1, 2016, the 2016 mileage rates for standard use of a vehicle (including vans, pickups, and panel trucks) are as follows: Business Miles Calculate the standard mileage rate based on an annual study of the fixed and variable costs of operating a vehicle. For 2016, the rate is 54 cents per mile for business miles driven, (down from 57.5 cents in 2015). Medical and Moving Miles Calculate the standard mileage rate based on variable costs. For 2016, the rate is 19 cents per mile driven for medical or moving purposes (down from 23 cents in 2015). Charitable Service Miles Calculate the rate based on statute. For 2016, the rate will remain steady at 14 cents … [Read more...]

Everything You Need to Know About 1099 to Avoid Tax Penalties

SJ Gorowitz 1099 tax advisor

1099 forms can be perplexing, but small business owners neglect them at great risk and cost. If you made a payment during 2015, you may be required to file. And as of 2015, not doing so, doing so late, or doing so incorrectly will cost you the most significant penalties ever experienced.  … [Read more...]