Jim Davis Financial News

Mileage Rates

jimdavis — Wed, 23 Feb 2011 19:26:32 +0000

A frequently asked question that we get is, “What is the mileage rate that can be claimed on taxes?”. In 2010, the standard mileage rate for medical and moving related transportation was 16.5 cents per mile. For charitable travel the rate was 14 cents per mile and for business related usage the rate was 50 cents per mile. In 2011, the standard mileage rate for medical and moving related transportation is 19 cents per mile. For charitable travel the rate remains 14 cents per mile and for business related usage the rate is 51 cents per mile.

What is the income level at which one is required to file a federal income tax return?

jimdavis — Wed, 23 Feb 2011 19:25:23 +0000

A common question during tax season: “What is the income level at which one is required to file a federal income tax return?”

You must file if your gross income was at least:
Single, under age 65, $9,350
Single, age 65 or older, $10,750
Married, both under age 65, $18,700
Married, one under age 65, $19,800
Married, both age 65 or older, $20,900

The above income limits do not include Social Security benefits received.

Identity Theft

jimdavis — Wed, 23 Feb 2011 19:22:06 +0000

The IRS does not send taxpayers unsolicited e-mails about their tax accounts, tax situations or personal tax issues. If you have received this type of e-mail, it is most likely a scam. IRS impersonation schemes increase greatly during the tax filing season. The people behind these schemes may also contact you by phone, fax, Internet sites and social networking sites. They are usually identity theft scams that try and get personal and financial information from their victims. They will then use this information to access the victim’s financial accounts. The IRS website, www.irs.gov has information on what to do if you believe you have been a victim to one of these schemes.

Tax Filing Deadline Extended

jimdavis — Wed, 23 Feb 2011 19:19:38 +0000

This year, the IRS has extended the tax filing deadline to Monday, April 18^th because of Emancipation Holiday, which is a holiday observed in the District of Columbia.

Welcome

jimdavis — Wed, 23 Sep 2009 13:07:54 +0000

At the firm of Jim Davis, CPA, we are excited to welcome you to our website which highlights the many ways we can serve you. Many people believe that all a CPA firm offers are tax preparation services and possibly the preparation of financial statements. As you browse this website, we hope that you will see that the firm of Jim Davis, CPA is a multi-faceted financial services firm that can meet most of your financial needs. Please review the various services sections, including Eldercare services to seniors, and the Resource area listing various web sites that provide information to individuals, businesses and nonprofits.

Periodically, this section of the website will post information that we think may be of interest to you, including changes in the tax law or other articles of interest. This News section will be updated frequently, so please continue to visit our site for the latest updates.

After viewing this website, please let us know of any comments or suggestions. We want this site to be a useful tool to you on your road to financial success.

Finally, we would like to thank Jeremy Spinks of 3W Studios for his assistance and patience in the development of this site. His advice was invaluable.