Rising Gas Prices Bring About Increase In Federal Standard Mileage Rates
In recognition of rising gas prices, the IRS has announced a rare increase to the optional standard mileage rate for July-December 2022. The new rate will be 62.5 cents/mile, an increase of 4 cents/mile from the rate at the start of the year. (Travel from January-June...
Have You Considered Utilizing Your HSA as a Savings Tool?
Individuals covered by a qualifying high-deductible health insurance are eligible for a Health Savings Account. The Health Savings Account (HSA) can be a good tool for saving for your future healthcare needs. The money you contribute to your HSA comes from pre-tax...
Ohio Offers A Newer Tax Credit to Citizens Supporting K-12 Educational Scholarships
Ohioans donating money to scholarship-granting organizations (SGOs) are eligible to receive a dollar-for-dollar tax credit up to $750 (or $1,500 for married couples filing jointly) for these donations. SGOs are nonprofits that provide private or parochial school...
Can I Claim My Child & Dependent Care On My 2021 Tax Return?
The Child & Dependent Care Credit underwent major changes in 2021 as part of the American Rescue Plan Act. The most significant change includes an increase in the credit of up to $4,000 for one qualifying person and $8,000 for two or more qualifying people....
Why Aren’t Most GoFundMe Crowdfunding Payments Considered Charitable Contributions?
Donations made to a personal GoFundMe fundraiser, rather than a charity fundraiser, are generally considered to be personal gifts and are not guaranteed to be tax-deductible. Only donations made to GoFundMe charity fundraisers (available in the US, UK, Australia, and...
Charitable Donations of Household Goods – How Do I Determine a Dollar Value?
On our website under the Tools/Links tab, you can scroll down to the heading General Links where you’ll find a link to a Non-Cash Charitable Valuation Guide. This link takes you to the Salvation Army’s Donation Value Guide. Here you can find values for items...
Happy New Year!
May the 2021 Tax Season Commence!
2022 Retirement Contribution Limits & Amounts Announced
The IRS recently announced updated retirement contribution limits and amounts for tax year 2022. These changes mean you may be able to increase your retirement contributions for next year. Please refer to the chart below for more details regarding this topic. If you...