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Monthly Archive for: ‘June, 2022’

  • Tax Form Pic

    IRS Increases Mileage Rate for Remainder of 2022

    The IRS has increased mileage rates for the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical …

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  • Tax Form Pic

    How Long Should You Retain Old Tax Records?

    Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine …

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    Should You Use Married Filing Separately Status?

    Married taxpayers have two options when filing their 1040 or 1040-SR tax returns. The first and most frequently used filing status is married filing joint (MFJ), where the incomes and allowable expenses of both spouses are combined and reported on one tax return. The joint …

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