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IR-2014-114, Dec. 10, 2014 WASHINGTON — The Internal Revenue Service today issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be
IRS Special Edition Tax Tip 2014-21, October 23, 2014 Even though only a few months remain in 2014, you still have time to act so you aren’t surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you expect. Here are some actions you can take to bring the taxes you pay in advance closer to what you’ll owe when you file your tax return:
IRS Special Edition Tax Tip 2014-23, November 17, 2014 Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind:
IRS Special Edition Tax Tip 2014-24, December 9, 2014 Individual Retirement Accounts are an important way to save for retirement. If you have an IRA or may open one soon, there are some key year-end rules that you should know. Here are the top four reminders on IRAs from the IRS:
Keep separate bank accounts for your business. Don't mix personal and business transactions in one bank account. Deposit income promptly in a business bank account. If you need cash for small daily expenses, use petty cash. Avoid using cash to pay for bills or inventory. Pay with check or credit card whenever possible so that you have a record of the purchase. It is too easy to lose receipts and forget about expenses paid with hard cash.
Are you, your spouse or a dependent heading off to college? If so, here’s a quick tip from the IRS: some of the costs you pay for higher education can save you money at tax time. Here are several important facts you should know about education tax credits
Use IRS Social Media Tools Social media is a great way to connect with family and friends. It’s also a great way to get tax information. Check out these IRS social media tools that can help you keep up-to-date with your taxes. You can also use them to get the latest news on tax changes, initiatives, products and services. • Twitter. IRS tweets include tax-related tips, news for tax professionals and more. Follow us @IRSnews, @IRStaxpros and @IRSenEspanol. • IRS2Go. IRS2Go is a free app where you can check your refund status, get tax updates or follow the IRS on Twitter. You can download it free from the iTunes app store or the Google Play Store. • YouTube. IRS YouTube Channels offer short videos on many tax topics. Videos are available in English, Spanish and American Sign Language. • Tumblr. The IRS Tumblr blog provides the most up-to-date tax news. • Facebook. The IRS Return Preparer Facebook page has useful posts for tax professionals. • Podcasts. Short IRS podcasts provide useful tips on many tax topics. The audio files are available from the Multimedia Center page on IRS.gov. Protecting your privacy is a top priority at the IRS. The IRS uses social media tools to share public information, not to answer personal tax or account questions. You should never post your Social Security number or any other confidential information on social media sites. For more on IRS social media tools, visit IRS.gov and click on ‘Social Media.’
If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers the following tips about moving expenses and your tax return.
You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. Here are some things the IRS wants you to know about miscellaneous deductions: Deductions Subject to the Two Percent Limit. You can deduct most miscellaneous costs only if their total is more than two percent of your adjusted gross income. These include expenses such as: