This article was published by the IRS. The Internal Revenue Service has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel [...]
The Work Opportunity Tax Credit is a general business credit available to employers who hire people from targeted groups who face significant barriers to employment. These targeted groups include certain veterans, recipients of supplemental security income benefits, formerly incarcerated individuals, summer youth employees, and vocational rehabilitation referrals. This credit encourages workplace diversity and creates access to [...]
This article was published by the IRS. This year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan and other retirement-related savings next year. Highlights of changes for [...]
Did you know the Earned Income Tax Credit (EITC) can add $6,700 to your federal income tax refund? If you worked and earned low-to-moderate income last year, you might be able to claim the EITC when you file your taxes. The EITC can be worth several thousand dollars if you have children. Taxpayers who do not [...]
This article was published by the IRS. The Internal Revenue Service is urging employers to be aware of the January deadline to file Forms W-2 and other wage statements. Filing these documents timely helps employers avoid penalties and helps the IRS in fraud prevention. A 2015 law made it a permanent requirement that employers file copies [...]
