IRS Releases Standard Mileage Rates for 2023

IRS Releases Standard Mileage Rates for 2023

Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes for 2023. However, the standard mileage rates for medical and moving expense...
Four Tax Breaks for Home Improvements

Four Tax Breaks for Home Improvements

Are you contemplating some significant improvements to your home? Whether it is adding a pool to assist with a medical condition, finishing a basement, or installing energy-saving equipment, you may be in line for generous tax breaks under current law. Four areas to...
Avoid Paying Tax on Non-Deductible IRA Contributions

Avoid Paying Tax on Non-Deductible IRA Contributions

Keeping track of your non-deductible contributions made to one or more traditional Individual Retirement Arrangements (IRAs) can save you money when the time comes to withdraw from your accounts. The basis of an IRA consists of the sum of nondeductible contributions...
Year End Tax Planning Tips

Year End Tax Planning Tips

Although the year end is approaching quickly, there is still time to consider tax planning moves that may lower taxes for the 2022 tax year — and possibly set you up for tax savings in future years as well. The good news is, at this time, it appears there will not be...
Avoiding Nonprofit Tax Traps

Avoiding Nonprofit Tax Traps

If your organization has met the IRS qualifications to be considered tax-exempt, the income you receive — such as donor contributions — is exempt from federal income tax. However, it is still possible for nonprofits to follow the rules and experience adverse tax...
Highlights from the Inflation Reduction Act

Highlights from the Inflation Reduction Act

The Inflation Reduction Act (IRA), signed into law on August 16, 2022, is intended to reduce the U.S. deficit by about $300 billion. Highlights of the $740 billion law include an increase in the payroll tax credit for research, a 15% minimum tax for large...