Tax "Extender" Legislation

Congress has passed, and the President has signed, a bill that extends many tax provisions that expired on December 31, 2014.  The extensions are retroactive to January 1, 2015.  Some of the provisions are made permanent; others are extended until December 31, 2016.  Follow the link to see the extended provisions that most commonly affect our clients.

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Standard Mileage Rates Decrease in 2016

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 cents for 2015
  • 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
  • 14 cents per mile driven in service of charitable organizations
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2013 Year-end Tax Planning

As 2013 draws to a close, individuals should talk to their tax advisor to see whether they are on track with their tax projections or need to make any adjustments. They should also be aware of a number of recent and upcoming tax law changes that might provide them with tax-saving opportunities.

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