The following is an overview of several recent tax proposals discussed or introduced in Congress over the past several weeks.
Business, Medical, and Moving Mileage Increases for Final Six Months of 2022
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.
Six Questions Every Family Business Should Answer
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.
Saving Tips for Soon-To-Be Pet Owners
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.
Tax Strategies for Homeowners
Be aware that important tax consequences are often associated with some fairly common events involving your home.
A Tax Nightmare on Your Horizon
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.