1/14: Dates to Know; ME Itemized Deductions; NH Individual Taxation; 2013-14 Federal Mileage Rates

Tax Snacks: Bite-size tax news and information on the fly

Tax Snacks graphic

Upcoming dates to remember


January 31 – Forms 1099 and W-2 must be mailed to recipients.
February 28 – Forms 1099/W-2 (and related 1096/W-3) must be mailed to the IRS.

Maine itemized deductions


Beginning with 2013 tax returns, total itemized deductions allowable on Maine individual income tax returns cannot exceed $27,500. This rule is an across the board limitation on itemized deductions and applies regardless of the amount of itemized deductions allowable on the federal individual income tax return.

New Hampshire individual taxation


New Hampshire does not assess a conventional income tax on personal (nonbusiness) income, but it does tax residents’ investment incomes. For 2013, returns must be filed if investment income (i.e., interest and dividends) exceeds $2,400 ($4,800 for joint filers).

2013 & 2014 federal mileage rates

2013 2014
Business miles 56.5¢ 56¢
Medical/moving miles 24¢ 23.5¢
Charitable miles 14¢ 14¢

 

Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.

IRS CIRCULAR 230 DISCLOSURE:
Pursuant to requirements imposed by the Internal Revenue Service, any tax advice contained in this communication (including any attachment) is not intended to be used, and cannot be used, for purposes of avoiding penalties imposed under the United States Internal Revenue Code or promoting, marketing or recommending to another person any tax-related matter. Please contact us if you wish to have formal written advice on this matter.