Auto & Truck Expenses

Mileage Rate (per mile) deduction - 2014

Asked Wednesday, January 15, 2014 by an anonymous user

CPA Answer:

Beginning on January 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations
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Alternative Minimum Tax

AMT Exemption amounts

Asked Wednesday, January 15, 2014 by an anonymous user

CPA Answer:

The AMT Exemption amounts for 2014 is $53,900 for single and head of household taxpayers and $83,800 for joint filers and qualifying widow(er) taxpayers
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Estate Tax

Estate Tax - Federal Exemption

Asked Wednesday, January 15, 2014 by an anonymous user

CPA Answer:

For 2016 the Federal exemption from estate taxes is $5,450,000.
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Retirement - 401(k)

401(k), 403(b), 457 and TSP plans - Maximum Contribution limits

Asked Wednesday, January 15, 2014 by an anonymous user

CPA Answer:

The limit on employee elective deferrals is $18,000 for 2016. The catch up contribution limit for employees 50 and over remains unchanged at $6,000.
Generally, all elective deferrals made to all plans in which you participate are aggregated to determine if you have exceeded these limits.
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Minimum Wage

California

Asked Monday, December 30, 2013 by an anonymous user

CPA Answer:

For 2014, the minimum wage is $9.00.
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Minimum Wage

Arizona

Asked Monday, December 30, 2013 by an anonymous user

CPA Answer:

For 2014, the minimum wage is $7.90.
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Minimum Wage

Illinois

Asked Monday, December 30, 2013 by an anonymous user

CPA Answer:

For 2014, the minimum wage is $8.25.
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Minimum Wage

Florida

Asked Monday, December 30, 2013 by an anonymous user

CPA Answer:

For 2014, the minimum wage is $7.93.
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Minimum Wage

District of Columbia

Asked Monday, December 30, 2013 by an anonymous user

CPA Answer:

For 2014, the minimum wage is $8.25.
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Minimum Wage

Connecticut

Asked Monday, December 30, 2013 by an anonymous user

CPA Answer:

For 2014, the minimum wage is $8.70.
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