Richard A. Lindsey, CPA

Lindsey & Waldo, LLC – Certified Public Accountants

  • Jan 22

    The United States is below average in financial literacy among 15-year-old students according to an international study released last year.

    According to the report from the Organization for Economic Co-operation and Development (OECD), which surveyed 29,000 students in 18 countries, Shanghai, China’s financial hub, was the leader in financial literacy.

    The United States placed ninth with an average score of 492; eight points behind the overall average.

    Questions ranged from simple to complex. Simple questions covered basic financial literacy skills, such as recognizing the purpose of an invoice or comparing price per unit while complex questions included scenarios such as reviewing and choosing the better of two loan proposals.

  • Jan 9

    The 2015 optional standard mileage rates used to calculate the deductible cost of operating an automobile for business, charitable, medical or moving purposes has been released by the Internal Revenue Service.

    Beginning on January 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

    • 57.5 cents per mile for business miles driven, up from 56 cents in 2014,
    • 23 cents per mile driven for medical or moving purposes, down half a cent from 2014
    • 14 cents per mile driven in service of charitable organizations.

    The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas and oil. The rate for medical and moving purposes is based on the variable costs, such as gas and oil. The charitable rate is set by law.

    Taxpayers always have the option of claiming deductions based on the actual costs of using a vehicle rather than the standard mileage rates.