UPDATES

2015 Standard Mileage Rates

Business: 57.5 cents per mile (56 cents per mile in 2014)

Medical and Moving: 23 cents per mile (23.5 cents per mile in 2014)

Charitable: 14 cents per mile (same in 2014)

 

Expiring deductions

The extender package was passed on December 16th that extends over fifty expiring provisions through 2014.  Since this was a one year extension, Congress will have to vote on the expiring provisions again next year.

 

179 Deduction

The amount of allowable federal 179 expense was decided upon with the extender package that was passed on December 16th.  The allowable deduction is maxed out at $500,000 and decreases dollar for dollar once a business has placed in service more than $2 million dollars of qualifying assets.

 

Minnesota Refund

Because of mid-year law changes, many taxpayers received different refunds than what was originally reported on their tax return.  It is possible for taxpayers to look up and print a copy of Form 1099-G stating what they received as a refund.  The MN DOR states however that information about refunds paid in 2014 won't be available until January 31st 2015.  You can look up your refund here.

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