Obama Orders Creation of ‘MyRA’ Savings Accounts
“Making good on a State of the Union address promise, President Obama on Wednesday ordered the creation of new employer-sponsored savings accounts intended to help more people get started saving for retirement. The plan, announced on Tuesday night, was in keeping with his theme of providing financial relief to the middle class to try to […]
Standard Mileage Rates Go Down Slightly in 2014
“Optional standard mileage rates for use of a vehicle will go down by one-half cent per mile for 2014, the IRS announced on Friday. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. For business use of a car, van, pickup truck, or panel truck, the 2014 rate […]
Social Security Wage Base Rises to $117,000 For 2014
“On Wednesday, the Social Security Administration (SSA) announced that the wage base above which taxes for old age, survivors, and disability insurance (OASDI) are not due will increase from $113,700 to $117,000 in 2014. The new rate means employees will pay a maximum of $7,254 of OASDI in 2014, with employers paying an equal amount. […]
Individual Tax Breaks Expiring Year End 2013
“It may be your last chance to snag a tax credit for making green home renovations or buying an electric vehicle, or to partake in other popular tax breaks that are expiring at year-end 2013 if Congress doesn’t act to extend them. Get an electric vehicle. A tax credit for certain 2 or 3 wheeled electric […]
Final Rules Require EIN Updates
“On Friday, the IRS issued final regulations requiring taxpayers that obtain employer identification numbers (EINs) to update their information with the IRS (T.D. 9617). The regulations, which will apply beginning Jan. 1, 2014, to give the IRS time to publish the relevant form and instructions, adopt without change proposed regulations that were issued last year […]