Tax Guide Update: 2019 Standard Mileage Deductions Issued

The IRS issued 2019 standard mileage deductions for business, charitable, medical or moving purposes, most up from 2018 rates. (The rate per mile driven in service of charitable organizations did not change.) The 2019 rates are: Business Standard Mileage Rate: 58 cents Medical Standard Mileage Rate: 20 cents Moving Standard Mileage Rate: 20 cents Charitable…

 

Tax Guide Update: 2018 Kiddie Tax Rates

The “kiddie tax” applies to children up to age 18 and could apply to children up to age 23—depending on how much earned income they have and whether or not they are full-time students. In 2017, children with investment income above a certain amount may have had part or all of their investment income taxed…

 

Tax Guide Update: 2018 Allowable Tax Benefits and Other Tax Items

The 2018 tax information on page 22 of AAII’s Tax Guide has now been updated. This includes allowable tax benefits such as deductions and maximum contributions. Here’s a link to the PDF of this page. Scroll down below the link to read more details about these changes. The changes cover the following: Standard Deduction For…

 

Some 2018 Property Taxes Can Be Deducted in 2017

The Internal Revenue Service is allowing some 2018 state and local property taxes to be deductible in the 2017 tax year. Those real property taxes must be assessed prior to 2018 and payment must be made in 2017. You will not be able to deduct any prepayment of 2018 state and local property taxes on…

 

Tax Guide Correction: Medicare Part B Maximum Premium

Medicare.gov posted corrected 2016 income breakpoints for 2018 Medicare Part B monthly premiums. The maximum premium of $428.60 will be paid by those filing joint tax returns whose 2016 modified adjusted gross income (MAGI) is above $320,000 (not $428,000, as originally reported in the AAII Tax Guide). For taxpayers filing as singles, the maximum monthly…

 

Tax Guide Update: 2018 Standard Mileage Deductions Issued

The IRS issued 2018 standard mileage deductions for business, charitable, medical or moving purposes, up from 2017 rates. The final 2017 and 2018 rates are: Standard Mileage Deductions 2017 2018 Business Standard Mileage Rate 53.5 cents 54.5 cents Medical Standard Mileage Rate 17.0 cents 18.0 cents Moving Standard Mileage Rate 17.0 cents 18.0 cents Charitable…

 

Computerized Investing February Edition

The February edition of Computerized Investing is now available! This month includes: The Top 11 Sites for Personal Finance, Retirement Planning and Tax Resources An update of the websites that offer the best guidance and tools for personal financial planning issues, including budgeting, handling your taxes and getting ready for retirement. Building a Stock Screen…

 

Tax-Effective Ways to Make Charitable Donations

Today is Giving Tuesday, a day designated to promote donations to charitable organizations. Donating to charity is first and foremost an act of altruism. The tax code rewards such acts. The tax code allows those who itemize to deduct donations to qualified charitable organizations. Receipts are required for all cash contributions. Contributions of $250 or…