Important Tax Figures for 2015

The following table provides some important federal tax information for 2015, as compared with 2014. Some of the dollar amounts changed due to inflation. Other amounts changed due to legislation. Social Security/ Medicare 2015 2014 Social Security Tax Wage Base $118,500 $117,000 Medicare Tax Wage Base No limit No limit Employee portion of Social Continue Reading

IRS Mileage Rates for 2015 Announced

The IRS has issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.   What Gas Costs these Days The national average price of a gallon of regular unleaded gas was $2.62 on December 11, 2014. This is down from the average price of $3.25 per gallon a year Continue Reading

IRS and Social Security Announce Increased Benefits for 2015

With the 2015 tax year right around the corner, there is good news coming from the IRS. According to a recent announcement, the tax agency has increased several tax breaks due to inflation adjustments. Social Security Checks to Increase Too Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 64 million Americans will increase 1.7 percent in Continue Reading