Tax Tips

Tax Information for 2013

  • New Tax Deadline:  April 15, 2014 to file and pay your taxes                  
  • Mileage Rates:
    • Standard Mileage Rate as of January 2013 is 56.5 cents per mile
    • Medical or Moving Purposes Rate is 24 cents per mile
    • Charitable work rate is still 14 cents per mile because it is set by law

 

Inflationary Adjustments:

  • Business standard mileage rate 56.5¢/mile
  • Exemption amount $3,900
  • IRA deduction and phase-outs increased
  • Minimum std. ded. for dependents $1,000
  • AMT exemptions increased (permanent)

 

Other Changes:

  • Regular tax rates for individuals modified and made permanent—top rate of 39.6%
  • Net capital gain tax rates modified and made permanent
  • AMT capital gain tax rates conformed
  • Medical and dental expenses must exceed 10% of AGI to be deducted on Schedule A, unless the taxpayer or spouse is 65 or older

 

Important Tax Planning Support

Keep your tax return cost low by being the perfect tax client! Here’s how: