Tax Information

2015 Standard mileage rate for business miles is 57.5 cents per mile
Beginning in 2014, in order to deduct medical expenses, they must exceed 10% of your total adjusted gross income if you are under age 65 – over age 65, the threshold remains at 7.5%
Remaining in effect for 2014 and 2015 is the additional .9% Medicare tax on wages above $200,000 for individuals and $250,000 married filing jointly. Also still in effect is the additional 3.8% Medicare tax on investment income for individuals with adjusted gross income over $200,000 and $250,000 for married filing jointly
The capital gain tax rates remain the same for 2014 and 2015 at 0% for the 10-15% tax bracket, 15% for the 25-35% tax brackets, and capped at 20% for the highest 39.6% tax bracket.