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The IRS increased the standard business mileage rates for 2022 by 2.5 cents, to 58.5 cents per mile. Learn more here. Mileage rates for travel are now set for 2022. The standard business mileage rate increases by 2.5 cents to 58.5 cents per mile. The medical and moving mileage rates also increases by 2 cents …
Continue reading 2022 Mileage Rates are Here! New mileage rates announced by the IRS
A great way to shelter over $1,000 from tax each year is to leverage the kiddie tax rules. Here is what you need to know. Now is the time to take action on reducing next year's tax bill. One area to help reduce your tax obligation is leveraging your kids to the fullest by understanding …
Continue reading Leveraging Kiddie Tax Rules Tax Saving tips for parents and grandparents
Here are several cash flow management tips to keep your business humming along as we head into 2022. Also read about tips for safeguarding your business's inventory from inside and outside threats. In this issue:Cash Flow Tips for 2022Preventing Inventory TheftHere are some cash flow management tips for your business as we head into a …
Understanding the like kind exchange rules can help you defer tax when buying real estate, but only if you follow the rules. The tax law provides a valuable tax-saving opportunity to business owners and real estate investors who want to sell property and acquire similar property at about the same time. This tax break is …
Continue reading Postpone Taxes with a Like-Kind Exchange – The real estate boom creates opportunity
As part of your planning for next year, now is the time to review funding your retirement accounts In 2022. With the cost of living calculations and increases in inflation, higher phaseout limits make many more taxpayers eligible for fully deductible contributions. So plan now to take full advantage of this tax benefit. Here are …
There are still a few weeks left in the year to reduce your tax obligation. Here are 15 great ideas. It's that time again! The final chance to reduce your annual tax bill is here. Spend a few minutes considering the following ideas:1. Make last minute charitable donations.2. Review and maximize use of the $15,000 annual gift …
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