standard mileage deduction car

IRS Standard Mileage Rate 2022

Higher gas prices have one silver lining: a higher IRS mileage deduction standard rate. Every year, the IRS updates the standard amount one can deduct for each mile driven for business or miles driven for charitable purposes. The amount of the IRS standard mileage rates … Read More

taxes 2020 personal deduction

IRS Standard Deduction 2022

What is the standard deduction amount for 2022 and 2021? The IRS updated the number and it’s a little bit higher this year. When filing income taxes, taxpayers can choose to either itemize tax deductions, or take the standard tax deduction amount. The IRS adjusts … Read More

medical-taxes

HSA Contributions

A quick reminder not to forget to use your HSA account to pay for ALL of your qualified medical expenses. Remember, you get the deduction based upon CONTRIBUTIONS, and your contributions do NOT have to be made before your expenses are incurred. In other words, … Read More

small business section 179

2021 Section 179 Deduction Limits for Small Businesses Taxes

Small business tax deductions are important in order to offset high business taxes levied against small business owners and entrepreneurs. This is especially true for work from home entrepreneurs who file as sole proprietors, or as a Limited Liability Company aka LLC, with sole proprietor … Read More

taxes

Basic Taxes Overview 2020

As January 2021 comes to a close Americans everywhere will be receiving W-2 Forms, 1099 forms, and others depending upon their specific financial situation and income scenarios for 2020. So, let’s do a quick overview of tax law in 2020 and how that will affect … Read More