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IRS Presents Filing Tips for 2022
The IRS is encouraging taxpayers to make sure they're well-informed about their tax situation as the filing deadline approaches. The key topics include special steps related to charitable contributions, economic impact payments, and advance child tax credit payments....
IRS Announces Mileage Rates for 2022
The IRS has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans,...
Deducting Business Expenses: Separating Fact From Myth
When you're filing your tax returns, what expenses can you deduct from business income? It's a complex question. To start with, a business expense must be both ordinary and necessary to be deductible, according to the IRS. An ordinary expense is one that's common and...
What To Know About Backup Withholding
Payments such as fees to an independent contractor — as opposed to an employee — are not typically subject to any withholding. The payees report and pay taxes on this income when they file their federal tax returns. However, there are exceptions. Explains the IRS,...
What to Know About Tax Preparation
Tax Preparation Info: The IRS is offering some help to taxpayers in getting organized so the filing season can be as easy as possible for everyone. "Having all needed documents on hand before taxpayers prepare their return helps them file it completely and...
IRS Offers Guidance on ERC
The IRS has issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Employee Retention Credit now applies only to wages paid before October 1, 2021, unless the employer is a recovery startup business. This guidance can...
What Employers Need to Know About FICA Taxes
The Federal Insurance Contributions Act (FICA) mandates that employers have to withhold, and also match, certain taxes. FICA consists of Social Security (formally known as the Old-Age, Survivors and Disability Insurance, or OASDI) and Medicare taxes. The current tax...
Tax Breaks for the Elderly
Getting older has its perks, including tax breaks. Your income threshold for filing a tax return at all is higher, you get a bigger standard deduction and you can defer or avoid taxes on more money. Below are the details of some tax breaks you'll qualify for when you...
Wills vs. Trusts: What’s the Difference?
Wills are a written document expressing your wishes for the disposal of your estate and can also name guardians of minor children. It becomes active after your death. A trust is a legal vehicle that holds assets and is managed by a trustee for the benefit of another...
Tax Items To Check as the Year Winds Up
It's been a very busy year at the IRS, with many special tax changes. Below is a review of some of the top issues you will want to discuss with your tax preparer as the year draws to a close and again when you meet to prepare your returns. Coronavirus tax relief. You...
