Tax vocabulary resources
Navigating the array of tax-related terms at tax time can be, well, taxing. But there is no need to become overwhelmed by tax jargon. Several websites offer in-depth glossaries that help make tax terms more clear.
Here are a few places on the Internet you can go to sort out tax terminology:
• Bankrate.com: Provides definitions designed to help filers become more tax-term fluent. Site: www.bankrate.com/brm/itax/edit/definitions/definitions_taxes1.asp
• Efile.com: Serves up an extensive list of tax-related terms with brief descriptions. Site: www.efile.com/glossary/
• FindLaw: Features list of common tax words and terms. Site: http://public.findlaw.com/taxes/tax-basics/le10_iglossary.html
• Kiplinger: A-to-Z list of tax terms you need to know. Site: www.kiplinger.com/article/taxes/T054-C000-S001-kiplinger-s-tax-glossary-tax-terms-you-need-to-kno.html
• Investopedia: Offers concise definitions of an array of tax terms. Site: www.investopedia.com/categories/taxes.asp
Car tax breaks
You may have heard that the federal tax code allows for a mileage deduction when an automobile is used for business purposes.
But did you know that you can take mileage deductions for other forms of driving? Several websites spotlight the requirements of the car mileage deduction and the amount a taxpayer can claim.
Here are a few:
• Efile.com: Lists IRS standard mileage rates for several recent years, including 2013. Site: www.efile.com/tax-deduction/mileage-rates/
• Internal Revenue Service: Details standard mileage rate deductible for business-use vehicles. Site: www.irs.gov/taxtopics/tc510.html
• Nolo: Spotlights auto expenses deduction among key deductions, including rate changes for 2014. Site: www.nolo.com/legal-encyclopedia/top-tax-deductions-small-business-30176.html
• Bankrate.com: Breaks down the 2013 and 2014 mileage rate deductions for vehicle uses. Site: www.bankrate.com/finance/taxes/mileage-deduction-amounts.aspx
— By Chuck Myers
McClatchy-Tribune News Service
The Ohio Historical Society has recruited four famous Ohioans to speak in support of a state income tax check-off that helps fund history- and preservation-related projects.
Throughout tax season, Ohioans will hear from Annie Oakley, Ulysses S. Grant and Wilbur and Orville Wright on making voluntary contributions to the Ohio Historical Society while completing state returns.
The online videos and other promotional materials are lighthearted reminders about the state income tax “check-off” that benefits local projects in communities across the state through the society’s History Fund grants program.
The campaign uses humor to remind Ohioans to consider making a voluntary contribution to the Ohio Historical Society on their state income tax returns. The contributions help fund the grants program.
“This year’s tax season is especially important to us because the Ohio General Assembly recently established a new threshold for tax check-off programs,” said Ohio Historical Society executive director and CEO Burt Logan.
“We need to generate at least $150,000 each year or the Ohio History tax check-off and the History Fund grant program that it supports could be jeopardized.”
In 2013, the Ohio Historical Society received $137,153 from 15,890 Ohioans who contributed to the grant program through their state income tax returns.
More information is online at www.ohiohistory.org
— Beacon Journal staff report