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2017 Tax Tables:

What is Basis?
Basis is a tax term that refers to the base value of acquired property.

Purchased Property: The purchase price is the starting point for the cost basis of purchased property. Costs for things you had to pay for in order to buy the property, sales commissions, etc. are also added to this cost basis value.
Inherited Property: Generally, the basis of inherited property is the Fair Market Value on the date of death of the decedent.
Gifted Property: For gifted property, the basis is generally the lesser of the giver’s basis or the Fair Market Value of the property on the date of the gift.

Document Retention:

2017 Mileage Rates:

-Forbes.com-

Retain your tax return and supporting documentation, including summaries, cancelled checks, receipts and 1099s for 6 years. Any assets that you hold, keep the records permanently.

Internal Revenue Service

Frequently asked

Questions

2018 Mileage Rates:

Helpful Links:

2018 Tax Tables:

-Forbes.com-

The business mileage rate is 53.5 cents per mile.

The medical and moving mileage rate is 17 cents per mile.

The charitable mileage rate is 14 cents per mile.

The business mileage rate is 54.5 cents per mile.

The medical and moving mileage rate is 18 cents per mile.

The charitable mileage rate is 14 cents per mile.

"The due date for your 2017 tax return is April 16, 2018. Even if you file a return on March 1, 2018, the IRS has until April 16, 2021, to audit the return. You have until April 16, 2021, to amend the return. If you extend the due date of the return, the period of time the IRS has to audit your return and the period of time you have to amend the return are also extended. The IRS has six years to audit a return if the person fails to report over 25% of gross income."

-Excerpt from CPAMagazine-

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