The Tax Deductible Mileage Rate for Business Driving Increases for 2023 The IRS has announced the 2023 optional standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Background: If...
A Dozen Ways the SECURE 2.0 Law Helps Individuals and Employees In the waning hours of the 117th Congress, a large government funding bill was passed that includes many provisions that will help Americans save more for retirement. The Setting Every Community Up for...
Estate and Gift Tax Exemption Increases The limit on annual tax-free gifts without interfering with the estate tax exemption has moved from 16,000 to 17,000 per donee for 2023. This means that a couple could give $34,000 to each of their adult children, grandchildren,...
Social Security Wage Base and Earnings Test Amounts Increase in 2023 The Social Security Administration (SSA) recently announced that the "wage base" for computing Social Security tax will increase for 2023 to $160,200. This is up from $147,000 for 2022. Social...
The recently enacted Inflation Reduction Act of 2022 contains several new environment-related tax credits that are of interest to individuals and small businesses. The Act also extends and modifies some preexisting credits. These are some of the changes. Extension,...
A fellow attorney sent me the NY Times article about the recent Tax Law passed by Congress, pretending to be an inflation reduction bill and asked for my opinion: There are several truths that seem to be obfuscated in all of the political rhetoric: 1. The professional...
IRS Boosts Standard Mileage Rates to 62/5 cents starting July 1, 2022. The IRS announced that the standard mileage rates are increasing. Beginning July 1, 2022, the rates are 62.5 cents per mile for business use of an automobile and 22 cents per mile for costs of...
Protect Against Tax-Related Identity Theft Tax Tip 2022-84 (06/01/2022) An Identity Protection Personal Identification Number (IP PIN) gives a taxpayer an added layer of protection against tax-related identity theft. Having a six-digit IP PIN means no one can file a...
Partners may have to report more income on tax returns than they receive in cash Are you a partner in a business? (Note: this includes LLC members if the LLC is treated as a 1065 Partnership for tax purposes!)You may have come across a situation that’s...
IRS Issues Backup Withholding Error Notices This is on the IRS Website Tax Tip 2022-67 The IRS has issued backup withholding error notices to payors required to withhold tax from payments to certain payees. Notices CP2100 and 2100A were mailed to payors that...