Bailey Scarano Blog

IRS Releases 2022 Standard Mileage Rates

Mileage rates for 2022 are slightly up from those of 2021 due to inflation and other factors. These rates can be used to compute deductible costs of operating vehicles for business, medical and charitable purposes, and some members of the military can also use them to determine moving expense deductions.  2022 Standard Mileage Rates The …

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Global Corporate Minimum Tax Rate Endorsed by G20

On October 30, all members of the G20 endorsed a global corporate minimum tax rate of 15% in an effort to discourage countries from slashing corporate tax rates and creating tax shelters to attract large multinational corporations. The agreement comes on the heels of an international agreement in October among 136 of the 140 Organization …

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IRS Releases 2022 Tax Tables and Other Amounts

Curious what your tax bracket will be in 2022? Now you will know since the IRS recently released the annual inflation adjustments for 2022 for the income tax rate tables, plus more than 56 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation. 2022 Income Tax Brackets For 2022, …

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Tax Provisions in Recently Passed Infrastructure Bill

While most of the Infrastructure Investment & Jobs Act (IIJA) is focused on physical infrastructure projects across the country, there are a handful of tax provisions included in the bill as well, including: End of Employee Retention Credit The American Rescue Plan Act extended the Employee Retention Credit (ERC) for the third and fourth quarters …

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Ex-Spouse Health Insurance Premiums Deductible as Alimony

When it comes to divorce, alimony and taxes, it is not uncommon to have a lot of questions. While most are answered with the ubiquitous “it depends,” the question of whether paying health insurance premiums can qualify as alimony has been resolved.   In a recent court decision, the court ruled that an individual can …

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Now is a Good Time to Check Your Withholding

Have you been having enough taxes withheld from your paycheck this year? Have you experienced some unexpected financial changes? If you think you may be off in terms of taxes due, the IRS’s Tax Withholding Estimator can help you determine: If you have withheld too much and how to make an adjustment to put more cash into your …

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