The SALT (State and Local Taxes) deduction is a tax provision that allows taxpayers to deduct certain state and local taxes on their federal income tax returns. These taxes include state and local income, sales, and property taxes. The SALT deduction has been in place for many years, but its availability and limitations have been …
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If you use your personal vehicle for business purposes, you may be eligible to claim a mileage reimbursement on your tax return. The mileage rate is determined by the IRS and can vary from year to year. The standard mileage rate for 2022 is 58.5 cents per mile for business use, and the IRS has …
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Do you know your filing deadlines for this year? Filing late if you owe tax payments can result in significant penalties that quickly add up. It’s important to note that if the deadline falls on a weekend or a holiday, the due date is usually extended to the next business day. This year, April 15 …
Unusual Tax Filing Deadline Dates for 2022 Returns Read More »
Do you own a business and have your kids help out when they’re not in school? If you file a Schedule C, you could be saving money by hiring your own children. If your business is a sole proprietorship, an LLC filing taxes as a sole proprietorship, or a partnership with the other parent of …
For the first time in 20 years(!), the allowable deduction for out-of-pocket classroom supplies has increased, from $250 to $300. If you are a grades K-12 counselor, teacher, aide, instructor, or principal in a public or private school for at least 900 hours during the school year, you are eligible to deduct up to $300 …
How Much Can Educators Deduct For Supplies For 2022? Read More »
Originally created to allow residents of Augusta, GA to rent their residences tax-free during the annual Masters Tournament, the Augusta Rule (IRS Section 280A) allows you to rent out your home for 14 days or less per year without having to report the revenue as income. A few caveats to qualify for this tax exemption: …
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How do you determine if you’re eligible to claim a home office deduction? If you’re self-employed and use part of your home exclusively for business use, you may qualify for the IRS Home Office Tax Deduction for 2022. You must meet these requirements to qualify: There are two methods to choose from when calculating your …
Are You Qualified to Claim a Home Office Deduction? Read More »
Thinking about making donations to a charity or nonprofit before the end of the year? There are a few things to keep in mind in terms of eligible deductions and documentation you should have in the event of an audit.
The IRS has implemented a significant change to the income and transaction thresholds for reporting third-party payment income for this year. Prior to 2022, a Form 1099-K was issued for gross payments that exceeded $20,000 AND more than 200 transactions. For returns after 2021, a 1099-K will be issued for gross payments for goods or …
Are your 1099s prepared for 2022? If you paid someone who is not your employee (such as a subcontractor, attorney, or accountant) $600 or more for services in 2022, you must complete and submit a 1099 to the IRS by January 31 of the following year, and a copy of the 1099 must also be …
