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:
- 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 per mile.
Have a question about what the standard mileage rates mean or what counts as a business mile?
We’re here to help.
More Helpful Tax Related Information
- 1099 Form – What You Need to Know to Avoid Severe Penalties
- IRS Budget Cuts and What They Mean For Small Businesses
- 5 Tax Myths that Won’t Go Away
Client in the News
Kuraoka Clinic Continues to Expand
Kuraoka Clinic is a general internal medicine, pediatrics, and cosmetic practice. We are pleased to congratulate our client on their active expansion! They recently added a third office in Suwanee, Georgia to their Atlanta and Dublin (Ohio) locations, and will soon open their fourth location in Dallas, Texas.
Learn more or schedule a visit.
We’re tax specialists focused on the accounting needs of emerging businesses.
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About S.J. Gorowitz Accounting & Tax Services
SJG is a boutique CPA firm supporting expanding and emerging businesses and their owners. We take a consultative, inclusive approach to accounting, tax, and trust and estate work. Working individually with each client, we generate accurate financials, minimize taxes and ensure compliance through tailored accounting solutions and financially focused business consulting. We work across industries, implementing processes and tools that maximize results, save money and create peace of mind.
For more information about how we can assist you, visit www.sjgorowitz.com.