The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction. For 2021 and 2022 only, businesses can generally deduct the...
IRS
Tax Tip 2022-76: School is out for the summer, but tax planning is year-round
Now that the April filing deadline has passed, most people are spending more time thinking about summer vacations than tax planning. However, summer is a great time to review withholding and see if summer plans will affect next year’s tax return. Below are some common...
IRS increases mileage rate for remainder of 2022
WASHINGTON — The Internal Revenue Service announced on June 9, 2022, an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile...