Friday, June 24, 2011
The IRS has just announced an increase in the mileage rate for workers that are not reimbursed by their employers. The new rates are as follows:
- 55.5 cents per mile for workers who use their car for business (not misremembered) on their tax returns. This is an increase from 51 cents prior to July 1, 2011
- 23.5 cents for people who use cars for medical or moving purposes on their tax returns- up from 19 cents earlier in the year
- 14 cents for motorists who use their cars for charity work on their tax returns - no change
According to the IRS, the changes, which normally take place in the fall, were in reaction to the high fuel prices this year.
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Posted by Dustin Ruge at 10:36 AM
Tuesday, June 14, 2011
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Posted by Dustin Ruge at 5:36 PM
Friday, June 3, 2011
The AP just released a story here on the growing problem of ID theft and taxpayers. In these types of cases a thief, using your social security number will file a tax refund request and receive your refund check - often times prior to you filing and finding the problem.
Here are some of the highlights from the article:
- Taxpayer Identity theft has increased from 51,702 in 2008 to 248,357 in 2010 - nearly a five fold increase in two years.
- Many identify theives don't get prosecuted - the IRS only pursues criminal investigation in a small number of income tax fraud cases. in 2010, they only started 4700 investigations of all types.
- IRS Commissioner Douglas Shulman claims that 95 percent of those prosecuted for tax refund-related identity theft go to prison
- Tax identity thieves typically submit returns for tax refunds early on in the filing season. The legitimate taxpayer usually files a bit later, and only then learns from the IRS that two tax returns were filed using the same Social Security number.
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Posted by Dustin Ruge at 1:34 PM