Question #1 – Why should I share my bank account information with the government to get direct deposit?
- It’s faster – 9 out of 10 refunds issued by direct deposit are issued in drastically under 21 days. Paper check is issued within 30 days.
- It’s as safe as it can be – This same direct deposit system is used to deposit nearly 98% of all social security and veterans affairs benefits into millions of accounts.
- It saves you money – It costs the nation’s taxpayers more than $1 for every paper refund check issued, but only a dime for each direct deposit made.
- Direct deposit reduces the possibility that your check could be lost or stolen or returned to the IRS as undeliverable.
Question #2 – What’s the best way to save tax dollars?
- Maximize your 401k or employer contribution retirement plan equivalent.
- 401k/403b/457 contribution limit is $18,500 in 2018. If you are age 50 or over, the 2018 catch-up contribution limit is $6,000 Employer match or profit sharing contributions aren’t included in these limits. 401k and 403b share the same limit.
Question #3 – Mileage is so difficult to track, I just don’t do it. How much am I really giving to the government by not tracking miles?
Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
- 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
- 14 cents per mile driven in service of charitable organizations.
Best Method to track it –MileIQ app. https://www.mileiq.com/ Try it and get 20% off »use discount code: BPET842A when they buy an unlimited plan.
Free tax consult valued at $270 to new clients! Message me to schedule!
