The standard mileage rate rises to 57.5¢ a mile for business driving, up 1.5¢. The rate falls to 23¢ a mile for medical travel and moving and remains at 14¢ for charitable driving. Standard rate users can also deduct the cost of parking and tolls.
This is the year that the Affordable Care Act (ACA) kicks in and affects your taxes.The IRS is warning consumers this may be one of the most confusing areas for individuals and companies alike. From employer mandates and fines to noncompliance to individual mandates for not having coverage, tax season should prove to be interesting this year.
The ACA requires a taxpayer and each member of his/her family to have qualifying health insurance known as Minimum Essential Coverage (MEC), OR have an exemption at the time a return is filed OR make a Shared Responsibility Payment (SRP) when the taxpayer files his/her federal income tax return.
More small firms that offer health coverage can get a tax credit for doing so.The full credit is available only to firms with 10 or fewer full-time-equivalent employees and average wages of $25,800 or less, up by $400. The credit diminishes rapidly for companies with more employees and higher average pay, phasing out completely for businesses with more than 25 workers or average pay in excess of $51,600.