2015 Standard Mileage Rates

There are new standard mileage rates for 2015. They are as follows:

Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

• 57.5 cents per mile for business miles driven, up from 56 cents in 2014
• 23 cents per mile driven for medical or moving purposes, down half a cent from 2014  
• 14 cents per mile driven in service of charitable organizations

Time to complete forms 1099-misc

This is a reminder to anyone who files a business return/schedule or  rental schedule on their tax return that forms 1099-misc are due 02/02/15.

Who should you issue a 1099 to?

From the IRS website:

"File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year:
At least $10 in royalties (see the instructions for box 2) orbroker payments in lieu of dividends or tax-exempt interest(see the instructions for box 8);
At least $600 in:
1. rents (box 1);
2. services performed by someone who is not your
employee (including parts and materials), box 7;
3. prizes and awards (see instructions for boxes 3 and 7;
4. other income payments (box 3);
5. medical and health care payments (box 6);
6. crop insurance proceeds (box 10);
7. cash payments for fish (or other aquatic life) you
purchase from anyone engaged in the trade or business of
catching fish (box 7);
8. generally, the cash paid from a notional principal
contract to an individual, partnership, or estate (box 7);
9. Payments to an attorney. See Payments to attorneys,
later; or
10. Any fishing boat proceeds (box 5).
In addition, use Form 1099-MISC to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment (box 9).


You must also file Form 1099-MISC for each person from whom you have withheld any federal income tax (report inbox 4) under the backup"

Have questions? Please feel free to email or call. I can assist you in preparing these forms.