What are the 2016 and 2017 mileage reimbursement rates?

For 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:

  • 53.5 cents per miles for business miles driven
  • 17 cents per mile driven for medical or moving expenses
  • 14 cents per mile driven in service or charitable organizations

For 2016, the standard mileage rages for the use of a car (also vans, pickups or panel trucks) are:

  • 54 cents per miles for business miles driven
  • 19 cents per mile driven for medical or moving expenses
  • 14 cents per mile driven in service or charitable organizations

 

 

What is the maximum amount I can contribute to my 401(k)  or 403(b) in 2016 and 2017?

  • For 2017, the elective deferral (contribution) limit for employees who participate in 401(k) remains unchanged at $18,000.
  • For 2017, the catch-up contribution limit for those aged 50 and over is $6,000. Someone over 50 can defer $24,000 in 2017.
  • For 2016, the elective deferral (contribution) limit for employees who participate in 401(k) is $18,000.
  • For 2016, the catch-up contribution limit for those aged 50 and over is $6,000. Someone over 50 can defer $24,000 in 2016.

How much can I give before I have to file a gift tax return?

The annual exclusion applies to gifts to each donee. For 2016 & 2017, you may give up to $14,000 per donee without being required to file a gift tax return.

Does my nonprofit have to file an information tax return?

All nonprofit organizations except churches are required to file an information tax return to the IRS annually. The type of informational return required varies depending on revenue, assets and other factors. Please contact us if you have specific questions on an organization’s specific requirements.

Can I file Form 1099/1096 electronically?

HRC can assist you in preparing and e-filing the Forms 1099/1096 for you once the pertinent information has been gathered.  We can also assist you in determining which of your vendors may need Form 1099 based on the type of service they are providing to you.  Our fee for preparing these forms will be in addition to your income tax preparation fee.

Another quick and inexpensive option is to use www.efilemyforms.com.  This is an online service that will file electronically to the IRS and mail a copy of the vendor’s 1099 to them starting at $3.49 per form.

Am I reading the right books to help my business?

Click Here for recommended reading.