IRS Notice 2022-03 provides maximum mileage rates for 2022 for the use of an automobile as follows. Business: $.585 per mile Medical: $.18 per mile Charitable: $.14 per mile These amounts represent an increase in the business mileage rate of $.025 and the medical mileage rate of $.02. The charitable mileage rate is unchanged. Please update […]
Archives for December 2021
How To Deal with a Past-Due Tax Return
“Better late than never” applies when it comes to filing income tax returns. Here’s what you should know. Maybe you didn‘t get your 1040 done in time in a previous year and you figured you couldn’t still file your income taxes. Or maybe you thought you’d owe money that you didn’t have. Or perhaps you […]
Build Back Better Act (BBBA) Tax Changes
The U.S. House of Representatives passed President Biden’s priority social legislation called the Build Back Better Act (“BBBA”) on 19 November 2021. The bill is now headed to the U.S. Senate where Majority Leader Schumer plans to vote on it by Christmas. As currently structured, the BBBA includes the following summarized tax changes. Please note […]