With the 2024 IRS mileage rate, you can claim $0.67 per mile for business-related driving. The IRS mileage rate for 2023 is $0.655 per mile, applicable from January 1, 2023, until December 31, 2023. When using the standard mileage rate, you can also claim parking and toll costs for your[…]
Read More »Retirement accounts aren’t the only kind of tax-advantaged savings vehicles. Health Savings Accounts (HSAs) allow you to use pre-tax dollars to pay for qualified health expenses, and in effect, lower your taxable income. In 2022, the IRS allows contributions up to $3,650 to an HSA and $7,300 for families. Those[…]
Read More »Final Due Date for Taxes Filing with Extensions Oct. 15 — If you filed Form 4868 extending the due date of your return, this is the last day to file your tax return and pay any tax, interest, or penalties due. It’s also the last day for making many elections the[…]
Read More »The IRS urges taxpayers to check into their options to avoid being subject to estimated tax penalties, which apply when someone underpays their taxes. Taxpayers who paid too little tax during 2021 can still avoid a surprise tax-time bill and possible penalty by making a quarterly estimated tax payment now,[…]
Read More »IR-2021-59, March 17, 2021 WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in[…]
Read More »Child tax credit The act expands the Sec. 24 child tax credit in several ways and provides that taxpayers can receive the credit in advance of filing a return. The act makes the credit fully refundable for 2021 and makes 17-year-olds eligible as qualifying children. The act increases the amount[…]
Read More »$1,400 Stimulus Payments (Economic Impact Payments) The American Rescue Plan provides a third round of stimulus payments up to $1,400 for adults and any dependent. Households with earnings of more than $80,000 for single filers, $120,000 for Head of Household filers, and $160,000 for married filing jointly will not receive any[…]
Read More »In 2019, the standard deduction rose to $12,200 for individuals and $24,400 for married couples filing jointly, nearly double the pre-tax reform standard deduction in 2017. Tax reform made the number of households itemizing their deductions drop significantly—from about 37 million to an expected 16 million in 2018. However, many[…]
Read More »Maximum savings amounts increase for retirement plans in 2019. You can contribute up to $13,000 to a Simple IRA , up to $19,000 to a 401(k) and up to $6,000 to a traditional or Roth IRA. If you are over 50 or will be over 50 by the end of[…]
Read More »Like-kind exchanges — when you exchange real property used for business or held as an investment solely for other business or investment property that is the same type or “like-kind” — have long been permitted under the Internal Revenue Code. Generally, if you make a like-kind exchange, you are not[…]
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