Category: Taxation

2016 IRS Standard Mileage Rates

Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5...

Maximum Standard Automobile Cost (2015)

For purposes of computing the allowance under a FAVR plan, the standard automobile cost may not exceed $28,200 for automobiles (excluding trucks and vans) or $30,800 for trucks and vans. Source Section 6.02(6) of...

2015 Pension Plan Limitations

The Internal Revenue Service today announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the...

3.8% Net Investment Income Tax

The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code. The NIIT applies at a rate of 3.8% to certain net investment income of individuals, estates and trusts that...

IRS Form 8960 – Net Investment Income Tax

Form 8960 – Net Investment Income Tax— Individuals, Estates, and Trusts.  (Attachment to Form 1040 or Form 1041) Individuals, estates, and trusts will use Form 8960 to compute their Net Investment Income Tax. For...

EITC

All Workers Claiming the EITC Must: Have a valid Social Security number, Not file as “married filing separate,” Not file Form 2555 or Form 2555-EZ (related to Foreign Earned Income), Meet the investment income...

Updated IRS Smartphone App IRS2Go Version 4.0

IRS2Go on iTunes IRS2Go on Google play The redesigned IRS2Go provides new features for taxpayers to access the latest information to help them in the preparation of their tax returns. In this version, IRS2Go highlights...