If you use your car, truck, or van for certain purposes other than personal reasons, you can deduct the related costs or use an IRS-set mileage rate. The mileage rate for 2014 is:
Important: Using the standard mileage rate means you don’t have to keep receipts to substantiate driving-related costs. However, you must still keep records to substantiate the mileage for each purpose and other information required by the tax law.
For each mile you deduct for business driving using the standard mileage rate, you must reduce the basis in your vehicle by a “deemed depreciation” rate. For 2014, this rate is 22 cents per mile; it was 23 cents per mile in 2013.
Source: Notice 2013-80
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?