Think Before You Shred

If you’re like many folks in the US during the first week of January, you’ve resolved to get rid of a lot of clutter in your life, get your finances in better order, and file your taxes early this year.

Right?

Before you turn on the shredder to help you dispose of the reams of paper you’ve been collecting, consider the IRS requirements for keeping personal and business documents. Here’s what I found out when one of my clients (thanks, KP) emailed me with that question today. Continue reading

IRS Announces Mileage Rates For 2009

The new rates for 2009 are 55 cents for business miles driven, 24 cents for medical or moving purposes, and 14 cents for miles driven performing charitable services.

IRS explanation follows:

The new rates for business, medical and moving purposes are slightly lower than rates for the second half of 2008 that were raised by a special adjustment [...]