Author Archives: johngallo
Update on mileage rates and per diems
ShareFor 2013 the standard mileage rates have been increased. For business miles the deductible mileage rate is 56.5 cents per mile for business miles driven. For medical purposes the rate is 24 cents per mile and for charitable purposes it … Continue reading
How does the new tax law affect you?
ShareCongress has once again waited until the last minute to pass a tax law which has supposedly saved us from falling off a fiscal cliff. And it is supposed to get the wealthy to pay more of the burden. Since … Continue reading
529 PLANS
ShareI am a big fan of planning for the future and when new children are born we often think more about planning for their and our own future. I want to discuss the possibilities of 529 plans (usually called qualified … Continue reading
NEWT’S TAXES
ShareNewt Gingrich also released his tax returns recently. His returns are slightly more interesting to look through than Romney’s even though they are much simpler and he is not nearly as rich as Romney. He is still very rich and … Continue reading
MITT’S TAXES
ShareWhen income tax returns are released by political figures it is always interesting to look at what is in them and what the press says about them. I thought it might be interesting to comment on some of these returns … Continue reading
CHARITABLE CONTRIBUTIONS
ShareThe IRS has become more and more strict over the last few years regarding what can be deducted for charitable contributions. Here are a few tidbits of information you need to be aware of when planning your charitable contributions and … Continue reading
STATE TAX RATES
ShareForbes magazine published a top ten list of the states with the highest individual income tax rates. Hawaii and Oregon were the winners with the highest rates of 11%. California was number 3 at 10.3 percent. The surprise on the … Continue reading
Home Office Deductions
ShareEconomic conditions often dictate that many of us work out or our homes. This creates an opportunity for a home office deduction which could reduce your tax burden if you qualify for it. Usually the home office deduction applies to … Continue reading
MILEAGE RATES
ShareIf your use a vehicle for business, you must keep track of your mileage. It does not matter if you use actual expenses or the mileage rates. You must still be able to document the vehicle was used for business … Continue reading
Forms 1099 for 2011
ShareEveryone needs to be aware of a few 1099 related issues this year. If you have a business and you paid more than $600 to any individual, partnership, or sole proprietorship during the you must issue a 1099 form to … Continue reading
