False info about taxes is not all that uncommon, but recently the IRS addressed the following common myths about refunds: Myth 1: Calling the IRS or visiting an IRS office speeds up a refund. The best way to check the status of a refund is online through the “Where’s My Refund?” tool. Taxpayers can also call …
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 …
As the year is coming to a close, it is a good time to review any mutual fund holdings in your taxable accounts and and do what is necessary to avoid potential tax traps. Avoid surprises Near the end of the year, mutual funds typically distribute all or most of their net realized capital gains …
Most of us are ready for 2020 to end. From a tax perspective, however, the end of the year means thinking about the filing status you’ll use when filing your tax return for the year. Partly, it depends on whether you’re married on December 31, 2020. Five different statuses When you file your federal tax …
This year’s stock market has been quite the roller coaster ride, and many people craving a sense of stability. If volatility makes you worry, it’s important to maintain a diversified portfolio that won’t plummet every time the Dow drops. One way many diversify their portfolios is by adding some real estate investments. Don’t go out …
While the extended tax deadline just passed, it is time to start thinking about your mid-year tax planning. With new laws in place, there are opportunities in 2020 that we haven’t had before, along with time tested tax reduction strategies. Here are a few things to think about. Business Owners The deadline to apply for …
2020 has been one for the history books, and we are only halfway through it. In addition to the health concerns and political upheaval, the pandemic has spurred unprecedented economic challenges. Unfortunately, many dishonest individuals and organizations take this as an opportunity to prey on our anxieties. As the year rolls along, new and ever …
There have been A LOT of questions around the substance and execution of the Paycheck Protection Program loans. On the evening of April 6, the Treasury Department released a Q&A to try to provide some clarification on the most commonly asked questions. You can read the full document here. Below, we have pulled out, and summarized, …
On December 20, a substantial piece of legislation, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, was signed into law, making quite a few changes to our ever-changing tax laws. Some items included in the act simply extend or revise provisions from the Tax Cuts and Jobs Act (TCJA) of 2017, while others …