Standard Mileage Rates for 2013:
Business Miles = 56.5 cents per mile
Medical or Moving Miles = 24.0 cents per mile
Charitable Organizations = 14.0 cents per mile
Tax Filing Deadline Extended Until Tuesday, Apri 17th
The deadline to file taxes has been pushed to April 17 because the normal deadline, April 15, falls on a Sunday, and Monday is a holiday (Emancipation Day) in Washington D.C.
Health Insurance Deduction for Self-Employed Individuals :
In 2011, eligible self-employed individuals and S corporation shareholders can use the self-employed health insurance deduction to reduce their income tax liability. Premiums paid for health insurance covering the taxpayer, spouse and dependents generally qualify for this deduction. In addition, premiums paid to cover an adult child under age 27 at the end of the year, also qualify, even if the child is not the taxpayer's dependent. However, the deduction from self-employment income for determining self-employment tax, which was available only in tax-year 2010, no longer applies.
Charitable Contributions:
Donations to charity can ease your tax burden, but only if you have the right documentation. Cash contributions — regardless of the amount — require a cancelled check or dated receipt. Any contribution of $250 or more requires a written acknowledgement from the charity. Noncash contributions valued at more than $5,000 generally require an appraisal.