Standard business mileage rate will increase for the second half of 2022

business mileage rate increase

The IRS recently announced that it will increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year. In fact, as of June 13, the nationwide average price of regular unleaded gas was $5.01 a gallon, according to the AAA Gas […]

Cost Segregation Infographic: Tax Advantages of Your Property

If your company is planning to build, purchase or renovate a building, or has done so in the past several years, a cost segregation study is a powerful tool that may help boost your cash flow, reduce your tax burden and save your company significant money. Check out this infographic below to learn if you […]

Cost Segregation Case Study: Purchase and renovate a property, gain financial benefits

Building with parking lot

Download our cost segregation case study to see how a manufacturing company that purchased and renovated a property was able to benefit from conducting a cost segregation study. And if you haven’t already, check out our infographic and FAQs to see how cost segregation can increase your manufacturing and distribution company’s cash flow and reduce […]

Could an FLP fit into your succession plan?

Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to start this process is long before the owner is ready to give up control. A family limited partnership […]

G-20 Summit: 15% Corporate Tax Deal; End to Steel and Aluminum Tariffs

The G-20 Summit in early November was prolific. In a long-awaited agreement, on October 30, President Biden and other global leaders endorsed a global corporate tax rate of 15% on companies with revenues over $865 million per year. The tax plan is designed to stop large multinational companies from transferring their operations (and shifting income) […]

2021 Year End Tax Planning Webinar for Businesses

Summary It’s hard to believe 2021 is nearing an end, but December 31 will be here quickly. Our experts are here to help with two webinars focused on year-end and 2022 tax planning. On Wednesday, December 8, Tony Schweier, Phil Hurak and Brittany Lawrence (joined by moderator Brendan Walsh) will discuss strategies and planning for […]

Disasters and your taxes: What you need to know

natural disaster forest fire

Homeowners and businesses across the country have experienced weather-related disasters in recent months. From hurricanes, tornadoes and other severe storms to the wildfires again raging in the West, natural disasters have led to significant losses for a wide swath of taxpayers. If you’re among them, you may qualify for a federal income tax deduction, as […]

Ohio Tax Update: Ohio 2022-2023 Biennial Budget Tax Reform

Overview Ohio Governor Mike DeWine signed 2021 HB 110 (“law” or “law change”), Ohio’s 2022-2023 biennial budget with significant tax law changes, rate reductions, and municipal income tax reforms. Many of the changes are effective retroactive to January 1, 2021 and other effective dates as noted below. Individual Income Tax Law Changes HB 110 reduces […]