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Standard Mileage Rates for 2018 Up from Rates for 2017
2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54.5 cents for every mile of business travel driven, up…
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Final Tax Bill Looks Better for Individuals than Before
You’ve heard the expression, “too many fingers in the pie?” Well sometimes that can be a good thing and I think we just witnessed a very good case in point with this Trump Tax Bill. I’m just getting to read this, but here are a few highlights that I think are very important to individuals.…
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Merry Christmas and Happy New Year!
from all of us at Cook & Co. Tax Advisors Holiday Office Schedule We will be closed Thursday December 21 through Wednesday January 3. As we pause each year at this special time to allow employees and staff time to spend with their families just before our busy Tax Season, we give thanks for our…
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House-Senate Conference Committee for the Tax Cuts and Jobs Act
These are the conferees that will negotiate the aspects of the two bills that are different. It is important to know that what they agree on, may be something unlike either version on these individual topics. House Republicans House Committee on Ways and Means Chairman Kevin Brady of Texas, Conference Chair Devin Nunes of California…
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Differences between the House and Senate Tax Bills
There are many differences in the two bills that must be reconciled before sending it to the President for his signature. Tax Brackets The House version has four brackets which will be permanent. The Senate version has seven brackets which all expire after 2025 and in 2026 will revert to what we now have. Mortgage…
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Some of the Lessor Publicized Tax Changes
These are just a few of the “not so well publicized” impending tax law changes that I’ve had to read through. ALCOHOL TAX REDUCTION – Reduced Excise Tax on beer from $18 per barrel to $16 (on the first 6 million barrels (1 barrel = 31 gallons) brewed. So-called Micro-Breweries will see a reduction from…
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Senate Votes and Passes Tax Bill at 1:51 am Saturday Morning
Although I tried, keeping tabs on additions and deletions to the Trump Tax Plan became a daunting task. The inevitability of political bargaining took over as it always does. Except this time the Democrats asked for nothing and that’s what they got, nothing. To my knowledge, it was clear that not a single Democrat was…
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Cyber Monday Shopping, Be Careful
During the online holiday shopping season, I want to remind people to be vigilant with their personal information. While shopping for gifts, criminals are shopping for credit card numbers, financial account information, Social Security numbers and other sensitive data. Cybercriminals seek to turn stolen data into quick cash, either by draining financial accounts, charging credit cards,…
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Net Neutrality
“Net Neutrality” means that all data on the internet is treated equally. An Internet Service Provider (ISP) cannot prioritize certain companies, websites, apps or content. In addition, it means the ISP cannot sell preferential access to businesses. One of the good things President Obama did, was push for “Net Neutrality.” Now, the republicans under President…
