Mileage Rates

The IRS standard mileage rates for 2015 are:

Social Security Tax

The 2015 social security wage base will be $118,500, up from the 2014 wage base of $117,000. This means that the 6.2% for FICA tax will go up $93.00 for the employee and the matching amount paid by the employer. The medicare portion of 1.45% remains applicable to all wages without limit.

Self-employed taxpayers will pay 15.3% on the first $118,500 and 2.9% above that.

Donating Car, Boat or Airplane

For donation in excess of $500 taxpayers cannot use the “Blue Book” value as the deduction is limited to the amount for which the charity later sells the vehicle. The charity must prepare within 30 days of sale and taxpayers must attach to their tax return, a statement identifying the vehicle and stating the amount for which it was sold. Failure to attach the statement will result in the disallowance of the deduction.

Unclaimed Federal Refunds

The IRS currently is holding more than $1.3 billion in unclaimed tax money. If you think that you could be one of these taxpayers, go to the IRS website at IRS.gov and use the “Where’s My Refund?” tab to find out. Those without internet access should call the IRS toll free at 1-800-829-1040 and follow the prompts.