The IRS has issued the 2012 optional standard mileage rates used for deducting the costs of operating an automobile for business, charitable, medical or moving purposes. They are: 55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable…
Ah, insanely crazy debit fees, we hardly knew ye… Earlier this year, Bank of America announced plans to charge debit card customers a $5 monthly fee for simply existing and then tried to pass off the fees as a tax. The backlash was swift and painful. Just last week, Bank of America’s competitors, Chase and…
I was wrong. There, I said it. I was absolutely convinced that Bank of America‘s plan to charge its own customers fees for using their own debit cards would stick. I was also convinced that Bank of America’s competitors, Chase and Wells Fargo, would jump on the customer gouging bandwagon. After all, it’s happened before,…
And you thought bank fees were bad… There’s a new form on the block, Form 1099-K, Merchant Card and Third Party Network Payments, making its debut in a few months, just in time for the 2012 filing season. The form is the result of new compliance reporting requirements for certain credit card and third party…
I know I’m dating myself but I remember when people used to pay for purchases in cash and occasionally, with checks. Not so much anymore. Now, debit cards are all the rage. You know the ones (of course, since you likely have one). They look and function much like credit cards – only except instead…
That horrible crash you heard today? It was the market. And it was not pretty. The Dow fell 630 points today, marking the worst day for investors in three years. As a result, you can’t swing a cat without some kind of market analysis. Except here. Between you and I, I don’t know enough about…
After months of speculation and roller coaster oil prices, the IRS finally announced an increase in the optional standard mileage rates. The IRS generally only updates mileage rates once a year. However, with gas prices still on the rise, the IRS made an adjustment midyear. Doug Shulman said, about the increase: This year’s increased gas prices…
Where were you on December 1, 2007? It’s one of those dates that you’re likely not to remember. But according to the National Bureau of Economic Research, that’s about when the recession really started. If you believe that we’re still in a recession (and most economists seem to), that makes 34 months. We’ve had stimulus…
Taxpayer asks: I read your post about Mary Kay and I am still confused about hobbies. I own a bunch of blogs. I make money on some of them and I lose money on some of them. Does this make me a hobby? Taxgirl says: You’re right to be a little confused because this is…
Taxpayer asks: Hi Tax Girl, Thanks for taking questions. It’s a really nice thing to do. I have a trio that performs regularly and this year the venue sent me a W-9. I know it is just for informational purposes in preperaion for a 1099, but should they be sendind one to just me or…