Submitted by Debra Rodway on Wed, 2022-06-22 14:05
The Internal Revenue Service provided updated details on where it stands in its processing of millions of tax returns in its backlog.
Submitted by Debra Rodway on Tue, 2022-06-14 15:18
For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year.
The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022.
The 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute.
Submitted by Debra Rodway on Tue, 2022-06-14 11:30
For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise, the limit is usually 50% of the cost of the meal.
To qualify for the enhanced deduction:
Submitted by Debra Rodway on Wed, 2022-03-23 16:32
This year, millions of taxpayers are awaiting the processing of their tax returns and receipt of their refunds. The backlog—unprocessed returns and correspondence sent to the IRS but yet unanswered—has created one of the most challenging tax filing seasons in our nation’s history.
According to the Treasury and IRS recent press release, the IRS’s backlog challenges stem from two key sources.
Submitted by Debra Rodway on Fri, 2021-11-19 12:57
Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost of living adjustments that may affect pension plan and other retirement-related savings next year.
Here are the highlights of changes for 2022:
Submitted by Debra Rodway on Mon, 2021-11-15 14:25
The Ohio Department of Taxation is lowering the threshold for the electronic filing of W-2 and 1099-R information for calendar year 2021 information (submitted in 2022).
Submitted by Debra Rodway on Wed, 2021-06-09 10:27
Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect their tax situation.
Submitted by Debra Rodway on Thu, 2020-11-19 13:20
This new IRS effort is called the Taxpayer Relief Initiative, and it aims to help those financially affected by COVID-19.
Taxpayers who owe taxes always had options to get help through payment plans and other tools from the IRS, and now they are expanding those tools. The revised COVID-related collection procedures will be helpful to taxpayers, especially those who have a record of filing their returns and paying their taxes on time. Here are the highlights of the Taxpayer Relief Initiative:
Submitted by Debra Rodway on Mon, 2019-12-16 11:10
With Christmas only about a week away, we're all busy preparing for the holiday. However, if you haven't already taken care of these items, you should take the time to complete these tasks before the end of the year to get ready for 2020 taxes.
Charitable Contributions
Submitted by Debra Rodway on Wed, 2019-09-11 14:42
Are you paying for higher-education for yourself or a dependent? Don't overlook the tax credits offered by the IRS.
There are two credits available to help taxpayers offset the costs of higher education: The American Opportunity Tex Credit and the Lifetime Learning Credit.