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2015 Tax Brackets and Other Federal Taxation Updates

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Given the low inflation environment over the last year, the 2015 IRS Tax Brackets, standard deductions and personal exemptions have only seen a moderate increase over 2014 levels. Federal income tax brackets and related tax items, under the tax code, provide for mandatory annual adjustments based on inflation. This is to prevent the phenomenon known as bracket […]

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2016 vs 2015 Standard IRS Mileage Rates For Business, Medical, Moving and Charity – Tax Deduction Rules

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[Updated with latest 2016 IRS rates]  Standard mileage rates used to calculate the deductible costs of operating a car (includes vans, pickups or panel trucks) for business, charitable, medical or moving purposes are shown in the table below. These are effective from Jan. 1. The business, medical, and moving expense rates increase and decrease annually depending on the […]

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