Recently the IRS published the mileage rates for various classes of deductible miles driven for tax year 2014. This amount is used in place of managing, collecting and tabulating the exact costs involved in operating a vehicle throughout the year. In order to use the standard mileage rates, you just track the miles you drive for each purpose (see below) and then compute the deductible mileage on your tax return when you file it the following year. Keep a log of the miles driven and the purpose of the trip to substantiate the deduction. This can be as simple as a paper calendar with your log notes, or more elaborate (check around, I bet there are apps out there for your iphone or other gadgets to do this). You have a choice to either use the standard rate or the actual expense of operating your vehicle. In either case, parking […]
Independent financial advice: IRA, Social Security, income tax, and all things financial
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Jim Blankenship, CFP®, EA
Phone 630-40-DUCKS (630-403-8257)
jim@blankenshipfinancial.com
Twitter: BlankenshipFP / Financialducks
Facebook: Jim Blankenship
LinkedIn: BlankenshipFP
Amazon: Author PageJim provides expert guidance for
your Retirement, Education Funding,
and Income Tax issues and concerns.In addition to this blog, you’ll find Jim’s writings all around the internet, as he is a regular contributor to Forbes.com, TheStreet.com, and FiGuide. Several other sites also republish his work.
He has also written five books on Social Security, IRAs, 401(k) plans, and Medicare. See below for more on the books.
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Sterling Raskie, MSFS, CFP®, ChFC®
Phone 630-40-DUCKS (630-403-8257)
sterling@blankenshipfinancial.com
Twitter: SterlingRaskie
LinkedIn: SterlingRaskieSterling provides expert guidance for your Retirement, Insurance, Education Funding, Investments and Income Tax issues and concerns.
In addition to this blog, you’ll find Sterling’s writings all around the internet. Sterling is also an adjunct professor teaching courses in math, finance, investments and insurance.
The books!
The latest in our Owner’s Manual series, A 401(k) Owner’s Manual, was published in January 2020 and is available on Amazon at this link. This book includes all of the updates to retirement plans with passage of the SECURE Act.
A Medicare Owner’s Manual, is updated with 2020 facts and figures. This manual is available on Amazon at this link.
Social Security for the Suddenly Single can be found on Amazon at this link. This book is narrowly-focused on divorcee Social Security strategies and rules. It is also available in a Kindle version.
Sterling’s first book, Lose Weight Save Money, can be purchased by clicking this link. The book is also available on Kindle, which you can find at this Kindle version link.
An IRA Owner’s Manual, 2nd Edition is available for purchase on Amazon. Click the link to choose the paperback version, or the Kindle version.
Jim’s book – A Social Security Owner’s Manual, is now available on Amazon. Click this link for the Amazon ordering page.Queuing Waterfowl
In case you hadn’t already noticed, this blog doesn’t have much to do with ducks – or any waterfowl for that matter.
No, what we’re doing here is talking about all things financial; getting your financial house in order. Here in the Midwest, “getting your ducks in a row” implies organization, which is one of the outcomes of having a better understanding of your financial life.
I hope you find the answers you’re looking for among the articles here, and perhaps a smile. If you can’t locate your answer, drop me an email or give me a call – we’ll see what we can find for you.
And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.
