IRS Announces NEW 2022 Mileage Rates- New rates begin in July
In a recent announcement, the IRS raised the standard mileage rates for travel beginning in July, 2022. Use the previously announced mileage rates for qualified travel in the first half of the year. Use the revised rates for travel in … Continued
NON-Retiree Retirement Ideas- Want money when you retire? Here are some tips.
Here are five common retirement planning ideas and what you can do to take advantage of them. The key is retirement planning starts now, not decades from now when you are reaching retirement age. 1. Having a plan Surprisingly, most … Continued
I’m Being Audited by the IRS!
Less than 1% of more than 145 million individual tax returns filed during 2021 will be selected for audit. The percentage increases for higher income taxpayers, along with tax returns in areas of specific interest to the IRS. Here’s what … Continued
Understanding Tax Terms: Pass-through Entities- What everyone should know
Small business owners have a number of options on how to organize their business for tax purposes. And if you sell items on eBay or Esty, drive for Uber, or offer your services as a writer or programmer, you are … Continued
What’s New in 2022
Here are some key changes to the tax code for 2022. Use this information to help manage your tax obligation, a practice that can pay rich benefits if reviewed throughout the year. Tax brackets and rates While there is much … Continued
Withholding Review Required Now- Avoid tax surprises with a simple review
With tax season in the rear view mirror, now is the time to take a hard look at your federal and/or state withholdings to ensure next year’s tax bill does not surprise you. A review is more important than ever … Continued
A Tax Nightmare on Your Horizon- MUST READ if using digital payment tools or reselling tickets
A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and CashApp. It also impacts anyone using transaction … Continued
Maximizing the Tax Benefit of Charitable Deductions
Your charitable contribution deductions are still a great tax savings tool, but they now require more planning. Now is a great time to look at this area as part of your tax planning exercise. Background Typically, cash and non-cash charitable … Continued
If You’re Expecting a Refund, Read This!
If you’re getting a refund, here are four useful tips to know. 1. The average refund is more than $3,500. Through February 18, the IRS reports the average refund is $3,536, which is up 22% versus the same time last … Continued
It’s Tax Time! Estimated Taxes are Due.- Now is the time to file your taxes and make your estimated tax payment.
Both your individual tax return AND first quarter estimated tax payment are due by Monday, April 18th. Here is what you need to know. First quarter due date: Monday, April 18, 2022 The estimated tax payment rule You are required … Continued