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 […]
If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal, state and local tax responsibilities. The IRS has provided five tips in its Tax Tip. We’ve added two at the end. Tax Tips if You’re Starting a Business Here are five basic […]
The Kentucky Secretary of State Annual Report is due June 30 of each year. Entities conducting business in the Commonwealth of Kentucky are required to file annual reports with the Secretary of State by June 30 of each year. Reports can be filed online at SOS.KY.gov. Scroll all the way down to the bottom. Then […]
This is no longer rare and it is no longer limited just to individuals. We are putting together 1. a check list of things to do if you are a victim of tax return identity theft, AND 2. a check list of things to do to keep from being a victim. Contact us if you […]
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 […]
Yes, there has been a lot of hype about the requirement for ALL employers to provide written notice about the Health Insurance Marketplace. Much of this hype has been promoted by companies wanting to sell you the “correct” wording and method to meet the requirement. But is that really necessary? Yes, if you are subject […]
Five Things You Need to Know: 1. All employers, including small employers, must report the cost of employer-sponsored coverage beginning with the 2013 W-2s.* 2. Nothing about the reporting of the health care on the W-2 causes health insurance that is excludable to become taxable to the employee. 3. The cost of employer-sponsored coverage is […]
Where are you? Where is East Street? I’m on East Street, but I don’t see 116? Is East Street one way? Where do I park? These are all questions we hear frequently. And we would like to help you out BEFORE you get lost. We are located at 116 S. East Street. East Street runs […]
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. […]