7 01, 2021

2021 Mileage Rates are Here!

Mileage rates for travel are now set for 2021. The standard business mileage rate decreases by 1.5 cents to 56 cents per mile. The medical and moving mileage rates also decrease by 1 cent to 16 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile. 2021 New Mileage Rates Here

29 12, 2020

Turn Your Home Office Into a Tax Deduction

If you are working from home for the first time in 2020, you may be wondering if your home office is tax deductible. The bad news? If you’re working from home for an employer, you normally can’t deduct your home office expenses. Here’s a quick look at the basic requirements to be able to

21 12, 2020

Gone Phishing?

Each year the IRS publishes the top dozen tax scams it encounters over the prior year. One of them that makes an all too common appearance on their list is the phishing scam. Here is what you need to know. Phishing requires bait Phishing is the act of creating a fake e-mail or website

15 12, 2020

Plan Your 2021 Retirement Contributions

As part of your planning for next year, now is the time to review funding your retirement accounts. By establishing your contribution amounts at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for the more popular programs: How to use

7 12, 2020

Common IRS Surprises

No one likes surprises from the IRS, but they do occasionally happen. Here are some examples of unpleasant tax situations you could find yourself in and what to do about them. An expected refund turns into a tax payment. Nothing may be more deflating than expecting to get a nice tax refund and instead being

18 11, 2020

Fringe Benefits and Health Insurance Premiums

This is a friendly reminder to inform your payroll administrator to add any accident, dental, vision, hospital, long-term care, and health insurance premiums paid by the company and personal use of employer’s vehicles to your last paycheck of the year. Failure to properly report S-Corp health insurance can result in a penalty. You can

16 11, 2020

IRS Releases Key 2021 Tax Information

The IRS recently announced key tax figures for 2021, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year. Tax Brackets: There are currently seven tax brackets ranging from 0 percent to 37 percent. Each of the