New Mileage Rate for Last Half of 2022

WASHINGTON — The Internal Revenue Service today announced an increase in the optionalstandard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standardmileage rates to calculate the deductible costs of operating an automobile for business andcertain other purposes. For the final 6 months of 2022, the standard mileage rate for …

Read more

Get ready to file your 2021 taxes …..

What to do before the tax year ends There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season. Below are a few of them. Donate to charityThere is still time to make a 2020 donation. Taxpayers who don’t itemize deductions may take …

Read more

New income ranges for IRA eligibility in 2021

There are cost of living adjustments that may affect a taxpayer’s pension plan and other retirement-related savings next year. People should familiarize themselves with these adjustments, so they aren’t caught off guard. Here are some highlights of the 2021 changes: The income ranges for these actions all increased for 2021: Determining eligibility to make deductible …

Read more

IRS Dirty Dozen: Be on the lookout for these scams

Dirty Dozen part 1: Taxpayers should be on the lookout for these scams All tax scams put taxpayers at risk. This is the first of two tips taking a closer look at the IRS Dirty Dozen tax scam list. This year, taxpayers should be especially, watchful for aggressive schemes related to COVID-19 relief, including Economic …

Read more

Major changes to retirement plans due to COVID-19

Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020. These coronavirus-related distributions aren’t subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and a half, but they are still subject …

Read more

Economic Impact Payments

April 14, 2020.   Source:   www.irs.gov Here’s how much individuals will get from the Economic Impact Payments Employed full or part time? Unemployed? A temporary or gig worker? Retired or disabled? Receive public benefits? Have no income? Most U.S. residents – under certain income levels – will receive the Economic Impact Payment if they are not …

Read more

Major changes to retirement plans due to COVID-19

Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020. These coronavirus-related distributions aren’t subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and a half, but they are still subject …

Read more

Strong passwords help protect accounts against cybercriminals

Strong passwords help protect accounts against cybercriminals The IRS urges everyone with any type of online account to review new, stronger standards to protect their passwords. Doing so will help protect against savvy cybercriminals who wants to access people’s accounts and steal their identities. Here are three steps people can follow to build a better …

Read more

Tips for teenage taxpayers starting a summer job 

Tips for teenage taxpayers starting a summer job — Now that school’s out, many students will be starting summer jobs…from working at a summer camp to being an office intern. The IRS reminds students that not all the money they earn may make it to their pocket. That’s because employers must withhold taxes from the …

Read more

Early Withdrawals from Retirement Plans

Things to Remember when Considering Early Withdrawals from Retirement Plans Many taxpayers may need to take out money early from their Individual Retirement Account or retirement plan. Doing so, however, can trigger an additional tax on early withdrawals. They would owe this tax on top of other income tax they may have to pay. Here …

Read more