Uncategorized 2022 Change to Standard Mileage Rates 22 Jun 2022 Your corporation is allowed to reimburse you for your business mileage throughout the year if you provide the company with evidence. Unlike partnerships and sole proprietors, a corporate entity must make a reimbursement payment…
Uncategorized How to Accurately Report the amount of Economic Stimulus Payment received 18 Feb 202216 Feb 2022 A Taxpayer is responsible for accurately reporting the amount of Economic Stimulus Payment received during the tax year. The primary sources for this information are confirmation letters from the IRS…
Uncategorized Elon Musk’s Schedule A and the “Biggest Tax Bill in History” 16 Feb 2022 Schedule A is used to Itemize Deductions, such as major medical expenses, taxes paid, mortgage interest and charitable donations. ------------------------------------------------------- (Excerpt from Yahoo Finance) The world’s richest man donated more…
Uncategorized The National Taxpayer Advocate’s annual report to Congress highlights these continuing IRS problems 18 Jan 202213 Jan 2022 Extraordinary processing and refund delays for tens of millions of taxpayersRecruitment, hiring, and training issues negatively affect all aspects of the agency's operations.Telephone and in-person service has declined considerably during…
Uncategorized New and Unusual Sales Tax Holidays 14 Jan 202213 Jan 2022 (This content from www.avalara.com.) Approximately 17 states typically offer one or more salestax holidays each year. Sales tax holidays allow consumersto purchase certain products, exempt from sales tax fora specific…
Uncategorized Additional documentation needed for your 2021 tax return preparation in 2022. 7 Jan 20225 Jan 2022 Be on the lookout for these mailings from the IRS to your household: IRS letter 6419, to households with dependent children, regarding the Advance Child Tax Credit monthly payments made…
Uncategorized 2022 Tax Season Filing Advice for Taxpayers with Children 4 Jan 202226 Dec 2021 During the most recent tax filing season, over 10 million tax returns were held for manual processing causing an enormous IRS backlog and delayed refunds, due to incorrect reporting of…
Uncategorized 2022 Federal Holidays 28 Dec 2021 December 31, 2021—New Year's Day 2022 (observed)February 21—Washington's BirthdayApril 15 * —District of Columbia Emancipation Day (observed) *May 30—Memorial DayJune 20—Juneteenth National Independence Day (observed)July 4—Independence DaySeptember 5—Labor DayOctober 10—Columbus…
Uncategorized 2022 Standard Mileage Rates 18 Dec 2021 Business Miles … 58.5 cents per mile (up 2.5 cents from prior year)Medical miles …. 18.0 cents per mile (up 2.0 cents from prior year)Moving miles ….. 18.0 cents per…
Kenneth Athon Tax Strategies 