WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard …
IR-2021-16, January 15, 2021 (Source: IRS.gov) WASHINGTON ― The Internal Revenue Service announced that the nation’s tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The February 12 start date for individual tax return filers allows the IRS time to do additional …
With nominating conventions behind them and the presidential campaign now moving into high gear post-Labor Day, the two leading contenders in the race for the White House—former Vice President Joe Biden, the Democratic presidential nominee, and President Donald Trump, whom Republicans have tapped to run for another term in the Oval Office—have begun to make …
Q10. Does someone who has died qualify for the Payment? (added May 6, 2020) A10. No. A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions in the Q&A about repayments. Return the entire Payment unless the Payment was made to joint filers and one spouse had …
IRS launches Instagram account to help taxpayers: Agency adds social media platform to reach more taxpayers, share timely information on filing season, tax law changes, tax scams IR-2018-237, November 30, 2018 WASHINGTON — As part of a larger mission of helping all taxpayers understand and meet their tax responsibilities, the Internal Revenue Service announced today …
Issue Number: Tax Tip 2018-145 Individual Retirement Arrangements – better known simply as IRAs – are accounts into which someone can deposit money to provide financial security when they retire. A taxpayer can set up an IRA with a: bank or other financial institution life insurance company mutual fund stockbroker Here are some terms and definitions …
Tax Rates and brackets changed Standard Deduction amount increased Single or Married Filing Separately—$12,000. Married Filing Jointly or Qualifying Widow(er)—$24,000. Head of Household—$18,000. Personal Exemption Deduction was suspended. Itemized Deductions are no longer limited if your AGI is over a certain amount. Sales Tax and Property Tax is limited to a combined total of $10,000 …
Budgeting is simply spending less than your income. To create your budget, you must determine your take-home income. It is easy to overestimate what you can afford if you think of your total salary as what you have to spend. Keep in mind that you must subtract deductions, such as social security, taxes, 401 (k) …
Small Business Responsibilities Choosing a Business Structure Meet with an attorney and CPA to set up the structure that best suits your legal and financial needs Sole Proprietor State formed LLC (single member or multi-member) C Corporation Partnership (two or more partners) Taxation choices LLC = default taxed as a Sole Proprietor or Partnership unless …
Issue Number: IR-2018-65 WASHINGTON —The Internal Revenue Service reminded taxpayers today that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2017 tax return. Anyone with an IRA may be eligible for a tax credit or deduction on their 2017 tax return if they make contributions by …