Standard business mileage rate will increase for the second half of 2022
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 […]
Proposed regulations for inherited IRAs bring unwelcome surprises
In late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes to retirement and estate planning strategies, but it also raised some questions. The IRS has been left to fill the gaps, most recently with the February […]
Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning
The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 cost-of-living adjustments into account. Also, keep in mind […]
The Infrastructure Investment and Jobs Act includes tax provisions you’ll want to know about
Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked […]
Potential tax law changes hang over year-end tax planning for individuals
As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which […]
2021 Year End Tax Planning Webinar for Individuals
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 Thursday, December 2, Jane Pfeifer and Mark Gaudet will look at the tax implications that individuals should consider before the end […]
Disasters and your taxes: What you need to know
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 […]
Here come the child tax credit payments: What you need to know
The first advance payments under the temporarily expanded child tax credit (CTC) are arriving to nearly 39 million households in mid-July 2021 — unless, that is, they’ve opted out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and why advance payments might not make […]
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 […]
Hiring your children for summer jobs? Tax benefits ahead
If you’re a business owner and you’re hiring your children for summer jobs, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed […]