The Internal Revenue Service releases deductible mileage rates each year. In case you haven’t heard, the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes:

Over a year ago in TTW#174, we provided an overview of the tax changes in the Patient Protection and Affordable Care Act (ObamaCare) which will impact your 2013 tax return. This is part one of a two part series that will take a look at three key changes in the tax code this year.

Several months ago (TTW # 216) we discussed the ruling by the Department of the Treasury and the Internal Revenue Service that same-sex couples, legally married in states that recognize their marriage, will be treated as married for federal tax purposes.

Effective January 1, 2014, the Ohio minimum wage will increase by ten cents, from $7.85/hour to $7.95/hour. The Ohio minimum wage for tipped employees increased from $3.83/hour to $3.98/hour.

Hopefully, you followed some of the suggestions we outlined a couple of years ago in Kick off the New Year... by getting organized! to organize your records. If you did, great! This will make filing your tax returns a lot easier this year. It also means that you and your tax advisor can spend more time on tax and financial planning issues for 2014 vs. looking back to 2013.

We are going to take a break from tax planning this week. Instead, the family of Bradstreet & Company would like to wish you and your family the most joyous holiday season and best wishes for 2014.