One way to reduce your tax bill this year is to donate appreciated stock to a charity of your choice versus writing a check. This part of the tax code provides a tax benefit to you in two ways: Higher…
Month: December 2013
2014 Mileage Rates
The IRS recently announced mileage rates to be used for travel in 2014. The Business, Medical, and Moving mileage rates decrease one half cent versus 2013 while charitable rates remain unchanged. Business mileage decreases 1/2 cent per mile. 2014 New…
Understanding Tax Terms: the kiddie tax What you know can help you
The term “kiddie tax” was introduced by the Tax Reform Act of 1986. The IRS introduced this rule to keep parents from shifting their investment income to their children and have this income taxed at their child’s lower tax rate.…
2014 Social Security Benefits Announced
The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) will increase in 2014 by 1.5%. This increase is based upon the Consumer Price Index over the past 12 months ending in September 2013. In…
Research Your Preferred Charities
November and December seem to be the months we are rained upon with charitable organization solicitations. Some of the groups, such as the American Red Cross, the Salvation Army, United Way, and the American Cancer Society are household names. Others…