Reminder For Clients On Extension: Filing Deadlines Are Quickly Approaching!
Business and personal income tax clients on extension for the filing of their 2022 taxes need to be aware that the final filing deadlines are quickly approaching. 2022 Corporate and Partnership tax returns are due Friday, September 15, and personal income tax returns...
New Mileage Rates Announced for 2023
The IRS has announced the new standard mileage rates for 2023. Beginning January 1, the new mileage rate for business use will be 65.5 cents/mile, which is an increase of 3 cents/mile. This new rate applies to all electric, hybrid-electric, gasoline and diesel-fueled...
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...
IRS Extends Tax Changes That Help Individuals and Businesses Give to Charity in 2021
In 2020 lawmakers put in place several provisions that allowed for additional tax benefits for individuals and businesses making charitable donations. As in 2020, the following tax benefits are in place: • Taxpayers who do not itemize can claim a deduction of up to...