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Here are your Articles for July 1, 2022.
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IRS increases mileage rate for remainder of 2022
The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business
and certain other purposes.
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Small Business Alert: Take Advantage of the WOTC for New HiresThe Work Opportunity Tax Credit (WOTC) can be used to help offset rising labor and benefits costs in today’s tight labor market. New hires from economically disadvantaged “targeted” groups can qualify your business for the WOTC. Here’s an overview of this potentially lucrative tax break, including how it’s calculated, which workers qualify and how it might affect your eligibility for other deductions and tax breaks.Full Article
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Should You Transfer Your Home to Your Adult Child?Some younger people may need extra help buying a home in today’s hot residential real estate market. Here are three options to consider if your adult child is facing this situation and you’re contemplating moving out of your home. It’s important to understand the tax consequences of each option to help determine what’s right for your family.Full Article
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Taking a Page Out of History and Collecting a Valuable Tax BreakYou may have the chance to “make history” with some financial help from Uncle Sam. If you’re renovating a historic building, you
might be able to claim a valuable 20 percent federal tax credit for the cost of the renovation work. There are several requirements to qualify, including deadlines that must be met. Here are the details.Full Article
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How Much Does the IRS Let Delinquent Taxpayers Live On?The IRS sets up repayment plans for people who fall behind on their taxes. As part of these plans, the tax agency calculates how
much individuals need to live based on their circumstances and where they live. From there, the IRS typically comes up with installment payments that will result in Uncle Sam being paid within certain time limits. How much income are delinquent taxpayers allowed
to keep?Full Article
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What is the Value of Your Business?As a business owner, ascertaining the value of your business is important for a variety of reasons, including business succession, estate tax estimates, or qualifying for a loan. There are a number of valuation techniques, ranging from the simple to the very complex. This article details three of the different approaches to valuing a business.Full Article
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