Beginning on January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58.5 cents per mile driven for business use (Increase of 2.5 cents compared to 2021) 18
Year-end is a good time to plan to save taxes by carefully structuring your capital gains and losses. Consider some possibilities if you have losses on certain investments to date. For example, suppose you lost money this year on
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to Charity Normally, if you
The IRS recently issued a statement reminding retirees that required minimum distributions from retirement plans and IRAs should be taken by Dec. 31. Generally, required minimum distributions (RMDs) are minimum amounts that must be withdrawn annually from most retirement
As we approach year end, now is the time for individuals, business owners and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring or accelerating tax obligations. Areas potentially impacted by proposed tax
As the U.S. entered 2021, many assumed that newly elected President Joe Biden, along with Democratic majorities in the House and Senate, would swiftly enact tax increases on both corporations and individuals in order to pay for the cost of
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square
Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are
The Indiana Department of Workforce Development is offering free online training resources to companies to assist in training their employees. The Department of Workforce Development (DWD) is managing and operating the initiative. Between now and December 31, employers can
Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal
Congress has passed the $1+ trillion Infrastructure Investment and Jobs Act. Below are some provisions which have a potential impact on our clients: Employee Retention Credit The employee retention credit will only apply to wages paid before October 1,
