- Beginning July 1, drivers can deduct 55.5 cents per mile for using their private vehicle for business-related travel.
- The new mileage rate for deducting medical and moving expenses is 23.5 cents per mile, up 4.5 cents from 19 cents.
- These mileage rates are also used by the government and many companies as a benchmark to determine how much to reimburse their employees for fuel costs, the IRS said. The costs that are reimbursed by an employer don’t have to be reported as income for tax purposes, unless they exceed the IRS’s payment limit.
Mortgage Interest – New Construction not Completed
Mortgage Interest
Interest paid on mortgage for house that was never built is deductible, Tax Court says. Interest deductible on the loan for 24 months after construction begins. IRS regulations on deducting interest on a loan for a home under construction don’t condition deductibility on the house’s completion.
Important Individual and Business Tax Dates for November
Businesses:
Monthly payroll deposits for October due on November 15
——————————
Individuals:
Retirement Plan Contributions
- Simple IRA – made per pay period
- 403(b)(7)/ Roth 403(b)(7) – made per pay period
- 401(k)/ Roth 401(k) – made per pay period
- Safe Harbor 401(k)/ Roth Safe Harbor 401(k) – made per pay period
- Individual K/ Roth Individual K – made per pay period
Important Tax Reminder Dates for October
October – Important Tax Dates for Businesses and Individuals
Businesses:
- Monthly payroll deposits for September due on October 15
- 3rd Quarter Payroll Reports due by October 31
- 3rd Quarter Sales Tax report and payment due on October 20
Retirement Plans
- Simple IRA Establishment Date is October 1
- Safe Harbor 401(k)/ Roth Safe Harbor 401(k) Establishment Date is October 1
Retirement Plans for Sole Proprietors and Partnerships
- SEP – Establishment Date is October 15 ( if extension taken)
- SEP – Contribution Date is October 15 (if extension taken)
- Simple IRA – Contribution Date is October 15 (if extension taken)
- Profit Sharing/ Money Purchase – Contribution date is October 15 (if extension taken)
- 403(b)(7)/ Roth 403(b)(7) – Contribution Date is October 15 (if extension taken)
- 401(k)/ Roth 401(k) – Contribution Date is October 15 (if extension taken)
- Safe Harbor 401(k)/ Roth Safe Harbor 401(k) – Contribution Date is October 15 (if extension taken)
- Individual K/ Roth Individual K Contribution Date is October 15 (if extension taken)
——————————-
Individuals:
Extension Due Date for Income Taxes is October 15
Retirement Plans Contributions
- Simple IRA made per pay period
- 403(b)(7)/ Roth 403(b)(7) made per pay period
- 401(k)/ Roth 401(k) made per pay period
- Safe Harbor 401(k)/ Roth Safe Harbor 401(k) made per pay period
- Individual K/ Roth Individual K made per pay period
IRS Guidance on Cell Phones – Record Keeping Relief
Cell Phones
IRS Issues Guidance on Tax Treatment of Cell Phones; Provides Small Business Recordkeeping Relief |
|
|
|
|