IRS Increases 2022 Standard Mileage Rate
Due to steep fuel prices at the pump, the IRS has increased the standard mileage rate by $0.04 per mile from $0.585 to $0.625 per mile. The old rate of $0.585 applies to miles driven 1/1/2022 through 6/30/2022. The new rate of $0.625 is effective for miles driven 7/1/2022 through 12/31/2022. The IRS will issue…
Read More2022 HSA Contribution Limits
Health Savings Accounts (HSAs) are a great way to pay for medical expenses with pre-tax dollars. To qualify for a HSA, you must be enrolled in a HSA qualified health insurance plan. Check with your medical insurance provider to verify. If you are enrolled in a qualified HSA health insurance plan you are permitted to…
Read MoreGain on Sale of Personal Residence
The real estate market has been white hot since 2020. Chances are if you sold your personal residence in the last few years you sold it for much more than you originally paid. So, is that gain taxable? It depends. Under Section 121 the IRS allows taxpayers to exclude $250,000 of a gain, or up…
Read MoreChild Tax Credit – Advanced Payments
The American Rescue Plan Act (ARPA) passed by Congress on March 6, 2021 temporarily increased the Child Tax Credit, for 2021 only, from $2,000 per qualifying child to $3,000 per qualifying child age 6 to 17 and $3,600 per qualifying child under the age of 6. ARPA also required the IRS to pre-pay 50% of…
Read MoreExtended 2020 Tax Return Due Date
The IRS announced on March 17, 2021 that the due date for 2020 personal income tax returns has been automatically extended to Monday May 17, 2021. This applies to both the tax return filing and payments for balances due on 2020 federal tax returns. The IRS stated in its release that the 1st quarter 2021…
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PPP Loan Forgiveness
PPP Loan Forgiveness Application, Timing, and Deductibility of Expenses The SBA has slowly started to approve PPP Loan Forgiveness applications after political pressure. We have seen multiple clients receive their SBA forgiveness decision. Whether a PPP loan participant can apply for forgiveness as of today, really depends on the bank or financial institution…
Read MoreLatest Articles
Due to steep fuel prices at the pump, the IRS has increased the standard mileage rate by $0.04 per mile from $0.585 to $0.625 per mile. The old rate of $0.585 applies to miles driven 1/1/2022 through ...
2022 HSA Contribution Limits
Health Savings Accounts (HSAs) are a great way to pay for medical expenses with pre-tax dollars. To qualify for a HSA, you must be enrolled in a HSA qualified health insurance plan. Check with your ...
Gain on Sale of Personal Residence
The real estate market has been white hot since 2020. Chances are if you sold your personal residence in the last few years you sold it for much more than you originally paid. So, is that gain taxable...