Part of estate planning is making sure you have an estate to plan! This means making a habit being intentional about your daily financial spending, money management, and recordkeeping.
You are probably aware that you can deduct mileage on your federal income tax return for certain charitable and business purposes. Did you know that for 2012 the rate is up to 55.5 cents a mile for business miles?
2012 standard mileage rates:
Business – 55.5 ¢ per mile
Moving – 23¢ per mile
Medical – 23¢ per mile
Charitable – 14¢ per mile
This deduction can add up in a hurry if you drive a lot for business or charitable purposes. Keeping good records will save you money and increase the size of your estate!
Contact your tax advisor for more information about tax planning to maximize your estate. If you do not have a tax advisor or financial advisor, Hindson &Melton can refer you to qualified professionals in your area.
Call Hindson & Melton LLC in Georgia or South Carolina to review your personal situation to see if there are improvements to be made in your estate plan. If you do not currently have an estate plan, contact us today! Estate planning is not just for the wealthy.
For more information about this post, contact Karen Hindson.