Completing a tax return can be a complicated process. Not only are there multiple ways to file but the intricacies of each method can also be extremely confusing. One small misstep and you could end up with an incorrect return, owing the Internal Revenue Service (IRS) money without even meaning to mess up the figures. For this reason, seeking professional assistance is the best option available to many different individuals. Doing so can ensure your return is correct, top to bottom and front to back, while lesser known deductions may be found which would have otherwise gone unnoticed.
One of these details many individuals fail to keep up with appropriately are the miles they travel throughout the year under specific circumstances. Knowing about claiming a mileage tax deduction can often have a positive impact on your return. If you are eligible to deduct car expenses on an individual or joint tax return then the changes in rates from last year are important to understand. These, however slightly altered, have been reduced for this upcoming year.
Business deductions were lowered from an even 58 to 57 and one-half (57.5) cents per mile. In the event your employer doesn’t reimburse for any miles completed at the discretion of your job, then this rate may be applied. While it has been lowered, the significance will likely only be felt by those who complete a tremendous amount of travel within a given year.
Miles driven for medical purposes may also be tax deductible. Depending on your filing status standard deduction, mileage recipients may be better served. However, an analysis of each available option is only appropriate to ensure you receivecorrect advice and submit a flawless return. This amount lowered more than any other - falling three cents overall (20 to 17 per mile).
Relocating for work or other means could also be deductible, if appropriately warranted. Depending on the current filing status and location, these miles may or may not be applied. If used, the rate fell an equal amount to medical care - three cents.
Finally, charitable work completed throughout the calendar year may appropriately deducted if applied correctly. If you have completed any such event(s) over the course of 2019, then bring the appropriate paperwork to you for a meeting with a tax professional and enhance your return with the only rate which stayed the same at 14 cents.
If you’re ready to file a return or need help determining exactly which mileage status may apply to your given situation, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to your travel questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete all types of returns or answer any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs in Denver
, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!