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2016 and 2017 Standard Mileage Rates
Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per mile for business miles driven, down from 54 cents for 2016 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016 14 cents…
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Plan Now to Get Full Benefit of Saver’s Credit
Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement As the tax filing season approaches, the Internal Revenue Service reminds low- and moderate-income workers that they can take steps now to save for retirement and earn a special tax credit in 2016 and years ahead. The saver’s credit helps offset part of the first…
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Christmas Office Hours
We will be closed Friday December 23rd through Monday January 2nd. As the holiday season is upon us, we find ourselves reflecting on the past year and those who have helped to shape our business. It’s been quite a year for us all! We hope that 2016 has been just as memorable for you, your…
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Special Tax Breaks for U. S. Armed Forces
As tax filing season approaches, we want members of the military and their families to know about the special tax benefits available to them. Here are some of those tax benefits. Combat pay is partially or fully tax-free. Service members serving in support of a combat zone may also qualify for this exclusion. Reservists whose…
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Tax Records – What to Keep
As tax filing season approaches, Cook and Company has information for taxpayers who wonder how long to keep tax returns and other documents. Generally, the IRS recommends keeping copies of tax returns and supporting documents at least three years. Some documents should be kept up to seven years in case a taxpayer needs to file…
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Interest Rates Remain the Same for the First Quarter of 2017
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2017. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; 1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000; four (4)…
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Thanksgiving Closing
We will be closed Wednesday November 23rd through Friday November 25th for Thanksgiving. Our office will reopen on Monday November 28th. HAPPY THANKSGIVING EVERYONE!
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IRS Advisory Council Releases Its 2016 Annual Report
You’ve heard the expression, “Whatever Blows Your Skirt Up?” WASHINGTON — The Internal Revenue Service Advisory Council (IRSAC) held its annual public meeting today and released its annual report for 2016 to IRS Commissioner John Koskinen. The report includes recommendations on a wide range of tax administration issues. “IRSAC members play an important role in…
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Neighbors Wins Tax Court Case at Appeals Level
Jonathan Neighbors, EA of Cook & Co. Tax Advisors gives Presentation on Birmingham Tax Court Case The tax court case was on the docket for federal court in Birmingham and only weeks away, when the IRS Appeals Officer sent a letter to Neighbors requesting a telephone conference. The call was scheduled for 9:00 am on September 23rd with…
