How working from home can pay off Working from home can potentially deliver some attractive tax advantages. If you qualify for the home office deduction, you can deduct all direct expenses and part of your indirect expenses involved in working from home. Note, however, that qualifying for such deductions became harder under the Tax Cuts […]
IRA Contribution and Deduction Limits for 2019 and 2020 An individual retirement account (IRA) “individual retirement plan”, provided by many financial institutions, that provides tax advantages for retirement savings. However, the IRA contribution limits and income limits can change over time. It helps to double-check the IRA limits for 2019 and 2020. Traditional and […]
IRS Standard Mileage Rate for 2008 The IRS recently announced the increase in the Standard Mileage Rate for the last half of 2008. The rate increased from 50.5 cents per mile to 58.5 cents per mile, and will be in effect from July 1, 2008 through December 31, 2008. Taxpayers have the option of using […]
Standard Limit 50+ Catch Up limit $ 15, 500 $15,500 + $ 5000
