2016 Mileage Rates Now Established
The IRS recently announced mileage rates to be used for travel in 2016. The Business mileage rate decreases by 3.5 cents while Medical and Moving mileage rates are lowered by 4.0 cents. Charitable mileage rates are unchanged.
Here is a quick look at 2015 tax rates and their associated income levels. Use this information to help prepare for your tax situation this year. Using your 2014 tax information, you can plan for your tax obligation next year starting now.
Don't forget that tax payers in the higher income levels are also subject to an additional .9% Medicare surtax as part of the Affordable Care Act. This will impact those with incomes over:
Watch out for a tax whammy. Gold is subject to a special long-term capital gains rate, significantly higher than the usual rate! In fact, depending on your situation, a long-term capital gain resulting from the sale of gold could trigger a tax rate almost double the rate you’re paying on your other long term gains.