New mileage rates announced by the IRS Category: What's New Mileage rates for travel are now set for 2023. The standard business mileage rate increases by 3 cents to 65.5 cents per mile. The medical and moving mileage rates stay at 22 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile. …
Category: What’s New
Here They Go Again…
Late-breaking IRS change Tip Category: What's New In a last minute about face, the IRS is rolling back the requirement for third-party payment providers to issue 1099-Ks for anyone receiving payments over $600 in 2022. They are moving the reporting requirement back to $20,000 in activity and 200 or more transactions as they transition to …
The New $7,500 Tax Credit That Isn’t
What you need to know Tip Category: What's New A highly-touted tax credit in the recently-passed Inflation Reduction Act is meant to incentivize Americans to purchase clean and electric vehicles. The bottom line, however, is that practically speaking YOU CAN’T GET IT. Why few credits will be seen As the new legislation is currently written, nearly all the …
2023 Health Savings Account Limits
New contribution limits are on the horizon Contribution limits for the ever-popular health savings account (HSA) are set for 2023. The new limits are outlined here with current year amounts noted for comparison. So plan now for your 2023 contributions.What is an HSA?An HSA is a tax-advantaged savings account whose funds can be used to …
IRS Announces NEW 2022 Mileage Rates – New rates begin in July
The IRS responds to high gas prices by raising the standard mileage rate in the second half of 2022. Here is what you need to know. In a recent announcement, the IRS raised the standard mileage rates for travel beginning in July, 2022. Use the previously announced mileage rates for qualified travel in the first …
Continue reading IRS Announces NEW 2022 Mileage Rates – New rates begin in July
What’s New in 2022
Lots of tax law changes this year! Read on to find out more. Here are some key changes to the tax code for 2022. Use this information to help manage your tax obligation, a practice that can pay rich benefits if reviewed throughout the year. Tax brackets and rates While there is much discussion in …
A Tax Nightmare on Your Horizon
MUST READ if using digital payment tools or reselling tickets A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and Cash App. It also impacts anyone using transaction platforms to buy or sell …
Tax Day is Here! – Last-minute details, tips and freebies
Tax day is here! If you owe taxes, remember to make the payment by the end of the day Monday, April 18. With the individual tax-filing deadline on Monday, April 18, now is the time to complete all filing arrangements and payments. If you have not already done so, ask yourself these questions before it’s …
Continue reading Tax Day is Here! – Last-minute details, tips and freebies
Yikes! It’s that Bad? – The 1040 tax instruction publication lays it all out
Ouch! Government overspending is reported each year in our 1040 IRS instruction booklet. Here's what it looks like for the most recent fiscal year for which info is available. It doesn't look good! Any way you look at it, the federal government's spending habits are a big mess. As required by law, in every Form …
Continue reading Yikes! It’s that Bad? – The 1040 tax instruction publication lays it all out
Why is the IRS Sending Me This?!? – IRS turns off some notices
IRS turns off many automatic notices. Here is what you should know. In a recent announcement, the IRS is telling taxpayers it's turning off some of its automated notices. Here is what you need to know. Background With the pandemic, incredibly late tax law changes from Congress, the congressional imposition on the IRS to send …
Continue reading Why is the IRS Sending Me This?!? – IRS turns off some notices
Velisa Bookkeeping Services LLC 