12/4/2012· Taxation
Lower Your Taxes This Year - Here Are 6 Ideas That Most People Can Use
By: Joseph Matheson
While 2012 winds down, there is still time to reduce your tax burden. Here are six ideas that can save money for most of us.
By: Joseph Matheson
Tel: (973) 428-8885
Email Mr. Matheson
Each year standard mileage rates are set by the IRS. For 2012 they are:
Business Travel: 55.5¢/per mile
Medical/Moving: 23¢/per mile
Charitable Work: 14¢/per mile
Too often this deduction is overlooked because proper documentation was not followed. Here are a few tips to ensure you receive the full benefit of this tax deduction.
Tip 1: Track your applicable mileage in an auto log. This log is required to ensure your deduction is not disallowed during the course of an audit. Please make sure the business/charitable/medical purpose, date and distance is clearly noted.
Tip 2: Also keep track of parking, tolls and other miscellaneous travel expenses. These can often be deducted in addition to the standard mileage rate.
Tip 3: Submit expense reports if your mileage can be reimbursed. Most employers will reimburse you for business mileage at the approved rate, but many employees fail to ask for reimbursement. Remember, your employer can deduct this reimbursed expense on their tax return as well.
Tip 4: Keep track of medical miles. Even though you need to surpass a percent of your income prior to taking medical expenses as an itemized deduction, still keep track of qualified medical miles. It often only takes one major medical bill to make all your other excess medical expenses deductible.
Tip 5: Plan your business trips to ensure your miles are deductible. Commuting miles to and from work are not deductible. However, if you stop off at a supplier first, then the mileage from the supplier to your workplace is a deductible expense.
Tip 6: Do not forget charitable miles. This deduction is one of the most often overlooked deductions. Do you drive for Meals on Wheels or for a school function? Do you volunteer as a coach for a non-profit sporting group? These miles add up over time and are often not properly documented.
Joseph B. Matheson is a Certified Public Accountant with more than twenty-five years of public and private accounting experience. Mr. Matheson passed the CPA exam with one of the highest scores in the nation, garnering honors at both the state and national level. His knowledge and experience guarantees focus on the needs of businesses and high net worth individuals and providing litigation and forensic support to attorneys and litigants.
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12/4/2012· Taxation
Lower Your Taxes This Year - Here Are 6 Ideas That Most People Can Use
By: Joseph Matheson
While 2012 winds down, there is still time to reduce your tax burden. Here are six ideas that can save money for most of us.
1/20/2016· Taxation
By: Tony Wayne
In certain situations, the sale of an operating entity as a going concern in a receivership proceeding is a viable alternative to seeking relief under the Bankruptcy Code. Receivership going-concern sales may be especially appropriate in complex situations where enterprise value is declining, but the company is not hopelessly insolvent. This article briefly highlights those conditions, factors, situations and circumstances that may contribute to or impede a successful going-concern transaction within a court-supervised commercial receivership.
6/29/2012· Taxation
Tax & Estate Planning: The Benefits of a Family Limited Partnership
By: ECS Financial
Years ago, a family limited partnership (FLP) was little more than a clever loophole used almost exclusively by wealthy persons. But the FLP's mystique has diminished in recent years, making it a popular and effective estate-planning tool for many.