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Health & Fitness

Tax Update, Vacation Homes and 401k Plan Ratings

Tax Update, Vacation Homes and 401k Plan Ratings

Although gas prices may continue to increase, one increase that may benefit you is the milegae rate deduction for your 2011 taxes. The IRS has made an adjustment that went into effect on July 1. Workers who use their car for business and don't get reimbursed from their employer will be able to deduct 55.5 cents per mile on tax returns. 

That's 4.5 cents more than the rate for the first half of this year. The IRS says it is making the adjustment because of rising gas prices.  Those who use their cars for medical or moving purposes will be able to deduct 23.5 cents per mile, up from 19 cents.  The mileage rate for motorists using their car for charitable works remains the same at 14 cents per mile. These new rates will remain in effect until the end of the year. 

If you are looking to purchase a vacation home, be sure to use caution if you plan to use it for a rental property. There are a few things to consider when planning to deduct expenses on your taxes. We can help to answer any of the questions you may have before you start vacation home hunting.
And last but not least...Have you ever wondered how your 401k Plan rates? Do a Google search of your company name + 401k plan. You should have a search result for Brightscope which will give you a rating on your retirement plan and give you some insight on whether or not you may need to adjust some of your investment selections!

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