Don't reduce your deduction if you aren't required to
In most cases, an employer is only allowed to deduct one-half of the expense that is paid to employees for meals. However, in some instances, the full amount is allowed.
|The optional standard mileage rate for the business use of an automobile is 54 cents per mile in 2016.|
New rules tighten your options
For the 2014 tax year, children, under the age of 18 who have unearned income in excess of $2,000,are taxed at their parent'shigher rate. At age 18. the kiddie tax applies unless the child provides more than 50% of his/her own support. The kiddie tax also applies to full-time studnets between the ages of 19 and 23 unless they provide more than 50% of their own support. Generally, unearned income includes interest and dividend income, capital gains, taxable social security benefits, and pension distributions.
|Contributions to your IRA must be made by the due date of your tax return. Generally this is April 15. Extending the due date of your tax return does not extend the due date of your IRA contribution.|