The 2022 Mileage Rates ******************************** Need rates for earlier years? Click here. Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:• 58.5 cents per mile for business miles driven.• 18 cents per mile driven for medical or moving purposes.• 14 cents […]
What is use tax?Kentucky use tax is a tax on tangible personal property and digital property used in Kentucky upon which the sales tax has not been paid. In other words, it is a sort of “backstop” for the sales tax. Tangible personal property is basically any property that you can touch other than real estate. What […]
Employers are already working frantically to get out timely and accurate W-2s. Congress has changed the law requiring W-2s to be filed on or before January 31. You can expect your W-2 on or before January 31. However, this law change could result in little time to find errors. What you should do: 1. Immediately […]
************************************************ See the IRS mileage rate table below: Note: Mileage logs must be maintained for all business vehicles and/or for all business miles regardless as to whether you claim the standard mileage rate or your actual expenses. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the […]
Great question! A tax credit lowers your tax bill dollar for dollar. If it is a refundable credit, such as the Earned Income Credit and the Hope education credit, it can also result in a refund when you owe no tax. The deduction reduces your taxable income, which is amount on which you pay taxes. […]
The Loving case is not so loving. Competent income tax preparers are disappointed. The taxpaying public will be the losers. Starting in 2011, the IRS began its return preparer oversight initiative. The purpose of this initiative was to help insure that income tax preparers who charge for their services were competent to perform these services. […]
Need an EXTENSION. Click “Contact”. March 15 Corporations need form 7004. Go to www.irs.gov/pub/irs-pdf/f7004.pdf. April 15 Individuals need form 4868. Go to www.irs.gov/pub/irs-pdf/f4868.pdf. Partneships need form 7004. Go to www.irs.gov/pub/irs-pdf/f7004.pdf. OR call us. We’ll be glad to assist you.