Fuller Tax Blog Blog

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IRS Announces 2017 Standard Mileage Rates

Today the IRS announced the standard mileage rates for the 2017 tax year, which can be used by taxpayers to calculate their deductions resulting from costs for use of an automobile for the purpose of business, charitable activities, or moving. The new standard mileage rates beginning January 1, 2017 are as follows:[1] Type of Vehicle Use 2017 Mileage Rate 2016...

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Chicago Checkout Bag Tax: A Complete Guide

On November 16th, 2016, the Chicago City Council approved several new ordinances as part of Mayor Rahm Emanuel’s budget plan for the new year, including a newly developed “Checkout Bag Tax”, a new fee-like tax that equates to 7 cents per checkout bag used being charged to consumers who purchase goods from retailers located in the city of Chicago. The...

Closeup of IRS signage near an entrance to the IRS building in Washington, D.C.

IRS Announces 2016 Standard Mileage Rates

The IRS today released Notice 2016-1, which announces the optional standard mileage rates businesses and individuals may use for deducting use of vehicles for business, charitable, medical, or moving expense purposes. The 2016 standard mileage rates to be used for tax year 2016 are as follows: Type of Vehicle Use Standard Mileage Rate % Change over 2015 Business Use[1] 54...

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IRS Decreases Fee for PTIN Registrations and Renewals

The Internal Revenue Service today announced that the fees for obtaining and renewing a Preparer Tax Identification Number (PTIN) will be lowered starting with the 2016 tax filing season. The new fee for both registering for a new PTIN and renewing a prior PTIN registration will be $50 – a decrease of $14.25 for new registrations and $13.00 for renewals....

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IRS Announces Annual Inflationary Adjustments for Tax Year 2016

The IRS today released the annual inflationary adjustments for more than 50 tax provisions that will be applicable for the 2016 tax year, including tax rate schedules, standard deduction adjustments, etc. Although many tax items have been adjusted for inflation, some items are remaining unchanged. Below is a summary of commonly used amounts that were part of the inflationary adjustment...