News & Information

IRS Announces 2017 Mileage Rates

Posted: January 8, 2017

The Internal Revenue Service released their optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2017, the standard mileage rates for the use of a car (including vans, pickups and panel trucks) will be:

  • 53.5 cents per mile for business miles driven (down 0.5 cents from 2016)
  • 17.0 cents per mile for medical or moving purposes (down 2.0 cents from 2016)
  • 14.0 cents per mile for charitable purposes (same as 2016)

IRS Announces 2016 Mileage Rates

Posted: January 17, 2016

The Internal Revenue Service released their optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2016, the standard mileage rates for the use of a car (including vans, pickups and panel trucks) will be:

  • 54.0 cents per mile for business miles driven (down 3.5 cents from 2015)
  • 19.0 cents per mile for medical or moving purposes (down .5 cent from 2015)
  • 14.0 cents per mile for charitable purposes (same as 2015)

Congress Passed the 2015 Extenders Bill

Posted: December 18, 2015

The Congress passed H.R. 2029, "The Consolidated Appropriations Act" on December 18th.  This bill extends an extensive list of tax provisions which had expired effective January 1s, 2015.  Some of the provisions were extended for 2 years, some for 5 years, and others were made permanent.

Among the provisions extended or made permanent were many tax breaks to individuals and businesses.  Several of the notable ones are listed below:

Two Year Extensions (2015-2016)

  • Individuals: Ability to exclude from taxable income, the income from discharge of qualified principal residence indebtedness.
  • Individuals: Ability to deduct mortgage insurance premiums as qualified residence interest if the individual's income is below a threshold and it is for acquisition indebtedness of a principal residence.
  • Individuals: Ability to deduct qualified tuition and related expenses above-the-line
  • Individuals: Qualified charitable distributions from IRAs of individuals aged 70 1/2 or older
  • Businesses: Section 179 increased $500,000 expensing limit made permanent and modified
  • Businesses: 15-year straight line cost recovery for qualified leasehold improvements, restaurant buildings and improvements, and qualified retail improvements.

Five Year Extensions (2015-2019)

  • Businesses: Extends first year "bonus depreciation" on qualifying property.  The percentage is 50% in 2015-2017, 40% in 2018, and 30% in 2019.

Permanent Extensions

  • Individuals: American Opportunity Tax Credit is made permanent and modified.
  • Individuals: Earned Income Tax Credit enhanced provisions
  • Individuals: K-12 Educator Expenses deduction are made permanent and indexed for inflation
  • Individuals: State & local sales tax deduction in lieu of deduction for state and local taxes

For a complete list of the extensions, please click here.

IRS Raises the Tangible Property Expensing Threshold to $2,500

Posted: November 30, 2015

The Internal Revenue Service simplified he paperwork and recordkeeping requirements for small businesses by raising the tangible property safe-harbor expensing threshold from $500 to $2,500 for certain fixed assets.

The change affects most businesses, specifically, those that don't have audited financial statements.  The change applies to amounts spent to acquire, produce, or improve tangible property that would normally be treated as a fixed asset and depreciated.

The new rules are effective for tax years beginning with 2016; however, the IRS will provide audit protection to eligible businesses that use the new $2,500 threshold in tax years prior to 2016.

IRS Announces 2015 Mileage Rates

Posted: December 11, 2014

The Internal Revenue Service released their optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2015, the standard mileage rates for the use of a car (including vans, pickups and panel trucks) will be:

  • 57.5 cents per mile for business miles driven (up 1.5 cents from 2014)
  • 23.0 cents per mile for medical or moving purposes (down .5 cent from 2014)
  • 14.0 cents per mile for charitable purposes (same as 2014)

IRS Announces 2014 Mileage Rates

Posted: December 9, 2013

The Internal Revenue Service released their optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2014, the standard mileage rates for the use of a car (including vans, pickups and panel trucks) will be:

  • 56.0 cents per mile for business miles driven (down .5 cent from 2013)
  • 23.5 cents per mile for medical or moving purposes (down .5 cent from 2013)
  • 14.0 cents per mile for charitable purposes (same as 2013)

Tangible Property Capitalization-Final Regs

Posted: September 18, 2013

Over the last few years, the IRS has released several versions of the proposed regulations for capitalization and repairs of tangible property, also known as Fixed Assets.  The IRS has recently issued the repair regulations in final form with an effective date for all tax years beginning on or after January 1, 2014.

The regulations are a major change in the way large and small businessses will account for fixed assets and the repairs of those fixed assets.  Any business owner or personnel responsible for a business' accounting should read the regulations or consult with their tax advisors prior to January 2014.  A copy of the regulations can be found here

DOMA Repealed, Georgia Tax Impact

Posted: September 11, 2013

In June, the Supreme Court overturned the Defense of Marriage Act.  As a result, married same sex couples will have the same tax benefits as other married couples and will be required to file as Married Filing Jointly or Married Filing Separately for federal income tax purposes.  The tax impact can be significant.

For married same sex couples filing Georgia income tax returns, the filing process may be more complicated since Georgia does not recognize same sex marriages.  As such, married same-sex couples filing Georgia returns will have to prepare 3 federal tax returns (1-Married for federal purposes and 2 separate Single for state purposes) unless Georgia recognizes same sex marriages.

Year-End Tax Planning Guide for 2012

Posted: December 18, 2012

There are several major changes coming to the income tax code in 2013 which provide an opportunity to make year-end tax planning decisions that will save you hundreds, thousands, or even 10's of thousands of dollars. Click here for my 2012 Year-End Tax Planning Guide.

Georgia Sales Tax Rates Effective 1/1/2012

Posted: December 18, 2012

Sales tax rates in Georgia are different in each county and may change quarterly.  Effective January 1, 2013, there are numerous counties with changes to the tax rates due to their implementation of TSPLOST or other changes.  The county by county sales tax rate sheet and be found on the Georgia Dept. of Revenue website by clicking here.

New Office for Jeffrey L. Jackson CPA LLC

Posted: November 28, 2012

Jeffrey L. Jackson CPA LLC has moved to a new office located in Towne Lake, GA near Etowah High School. The office is in the Execucourt office complex located at 6478 Putnam Ford Dr. Suite 122, Woodstock GA 30189.

IRS Announces 2013 Mileage Rates

Posted: November 26, 2012

The Internal Revenue Service released their optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2013, the standard mileage rates for the use of a car (including vans, pickups and panel trucks) will be:

  • 56.5 cents per mile for business miles driven (up 1 cent from 2012)
  • 24.0 cents per mile for medical or moving purposes (up 1 cent from 2012)
  • 14.0 cents per mile for charitable purposes (same as 2012)

Taxpayers have the option of using the optional rates above or actual cost.  Click here for the IRS release.

Individual Income Tax Rates for 2012

Posted: November 14, 2012

The six individual income tax rates remain in place for the 2012 tax year. The income ranges for each filing status have been adjusted for inflation.

Tax
Rate
Single
Filers
Married filing joint
or qualifying widow(er)
Married filing
separately
Head of
household
10% Up to $8,700 Up to $17,400 Up to $8,700 Up to $12,400
15% $8,701 - $35,350 $17,401 - $70,700 $8,701 - $35,350 $12,401 - $47,350
25% $35,351 - $85,650 $70,701 - $142,700 $35,351 - $71,350 $47,351 - $122,300
28% $85,651 - $178,650 $142,701 - $217,450 $71,351 - $108,725 $122,301 - $198,050
33% $178,651 - $388,350 $217,451 - $388,350 $108,726 - $194,175 $198,051 - $388,350
35% $388,351 or more $388,351 or more $194,176 or more $388,351 or more

IRS Announces 2012 Mileage Rates

Posted: December 12, 2011

On December 9, 2011, the Internal Revenue Service released their optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2012, the standard mileage rates for the use of a car (including vans, pickups and panel trucks) will be:

  • 55.5 cents per mile for business miles driven
  • 23.0 cents per mile for medical or moving purposes
  • 14.0 cents per mile for charitable purposes

Taxpayers have the option of using the optional rates above or actual cost.  Click here for the IRS release.

IRS Extends the Filing Deadline for Taxpayers

Posted January 5, 2012

The filing deadline for tax returns that would normally be due on April 15 has been extended until April 17. The reason for the extension is that April 15th falls on a Sunday and April 16th falls on Emancipation Day, a holiday observed in the District of Columbia.  Just because the deadline has been moved two days, it remains a good idea to file as early in the tax season and not procrastinate.

Click here for the IRS release.

Georgia Sales Tax Rate Change - 1st Quarter 2012

Posted: December 30, 2011

In the State of Georgia, sales tax rates are subject to change quarterly.  Effective January 1, 2012, the sales tax rates in three Georgia counties changed:

  • 063-Glynn decreased 1% from 3% and is now 2%
  • 066-Greene decreased 1% from 3% and is now 2%
  • 155-Whitfield decreased 1% from 2% and is now 1%

To visit the Georgia sales tax website for rates and other information, click here.