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Monthly Archive for: ‘June, 2022’

  • Tax Form Pic

    Important Tax Deadlines

    2022 individual quarterly estimated Federal tax payments are due June 15, 2022, September 15, 2022 and January 15, 2023 for the remainder of the tax year. The extended business tax deadline is September 15, 2022 and the extended individual tax deadline is October 15, 2022. …

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    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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    When To Seek Professional Assistance and Where Tax Saving Moves Can Be Made

    Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call this office any time you have a substantial change in taxable …

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    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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    What Employees Need to Know About 401(k) Savings

    Are you familiar with 401(k) retirement funds? More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy. Not only do …

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    Ignoring Household Employee Payroll Tax Rules, A No-No

    If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation can come back to bite you. When …

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    Grandparent’s Gift of an Education

    Grandparents often wonder as a part of their estate planning how to best transfer funds to their grandchildren while avoiding negative income tax consequences in the process. The answer might just be a Qualified Tuition Plan, most commonly referred to as a Section 529 plan …

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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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