The following is an overview of several recent tax proposals discussed or introduced in Congress over the past several weeks.
The business mileage rate is increasing by 4 cents, to 62.5 cents per mile, while the medical and moving mileage is also increasing by 4 cents, to 22 cents per mile, for the final six months of 2022, the IRS recently announced. The previous rates of 58.5 cents for business mileage and 18.0 cents for medical and moving mileage still apply for the first six months of 2022.
Tax and business planning are important for the success of any organization, but especially for the family-owned enterprise. Here are some important questions that owners of family businesses need to address.
Owning a pet may improve your quality of life, but it probably won’t be cheap. Fortunately, many of the costs associated with responsible pet ownership can be controlled, or at least reduced.
Be aware that important tax consequences are often associated with some fairly common events involving your home.
A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and CashApp.