Monthly Tax Tip:
Mileage rates in 2017 continue to decline from previous years. Here are 2017 mileage rates as compared to 2016:
| Mileage Type |
2017 Rate |
2016 Rate |
| Business Miles |
$0.535 |
$0.54 |
| Medical/Moving |
$0.17 |
$0.19 |
| Charity |
$0.14 |
$0.14 |
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As we enter the new year, one area we are watching here at Edgar and Edgar CPAs is possible changes in the tax code. Soon-to-be-President, Donald Trump, made taxation a mainstay of his campaign. In 2016 we took a deep dive into Trump's proposed tax plans. Take a look at these blogs to see what we might expect in 2017.
Read Part I
Read Part II
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With a New Year come the inevitable New Year’s Resolutions. As everybody knows, these resolutions are hard to keep, that’s why we only try once a year. But here at Edgar and Edgar CPAs, we think a little technology can help you stick to your New Year’s Resolutions and help you achieve your ultimate goals.
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You Can Still Lower Your 2016 Taxes
Once January 1st rolls around there are very limited options for minimizing your prior year taxes. One of the best options for lowering your taxes after the end of the year is to contribute to an IRA. You have until tax day (April 18th, 2017 this year) to contribute to an IRA for the prior year. For some taxpayers, contributing to an IRA could save thousands.
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For our business clients, don't forget to issue 1099's to contractors you paid in 2016. The IRS has identified non-filed 1099's as a huge source of fine money and began cracking down on non-compliance last year. The requirements are unchanged from our 2016 blog, which you can find here.
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Monthly Recipe
Seeing that January is the month of resolutions, and many of those resolutions involve losing weight, we decided to depart from the decadent and instead serve up something a little healthier. This month's recipe, Spinach and Black Bean Enchiladas, is brought to you by Food Hero.
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