If you can’t get your taxes filed on April 15, 2022, don’t worry! You get a few extra days this year, and you can always file for an extension. Normally, Tax Day is April 15th, However, Washington D.C. celebrates a legal holiday called Emancipation Day on April 15th this year, so tax due day is …
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 how much the standard deduction is each year based upon …
A home office tax deduction can be a great way to reduce your taxes if you own a small business. The home office deduction gets a bad rap because a few years ago, deducting a home office was seen as an “audit trigger.” However, that issue was blown out of proportion then, and it is …
The tax tables for 2021, which determine the tax brackets for 2021, used by most people in Spring of 2022, while filing their 2021 taxes, have been set by the IRS. As always, there are seven different tax brackets based upon the taxpayer’s filing status. The different brackets are the Single tax bracket, the Married …
There has been some grumbling about the way banks handled the new $1,400 stimulus payments, but the reality is that the treasury did not fund those deposits until today (Wednesday). We can talk all you want about how guaranteed the money was, and that big banks like Wells Fargo and Chase Bank could have easily …
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 tax status. Small business owners can get hit with high …
2021 Section 179 Deduction Limits for Small Businesses Taxes Read More »
There is an unfortunate amount of confusion surrounding the concept of the Federal Tax Identification Number. It is ironic, because the whole Tax ID, FEIN, and EIN thing is actually very simple, mostly because they are generally all the same thing. However, it isn’t surprising that this concept confused many personal finance students because when …
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 deduction is based upon various different factors, but the price …
401k contribution limits prevent higher income taxpayers from stuffing too much money into their 401k plans. Each year, the IRS adjusts tax numbers due to either tax law changes, or statutorily mandated adjustments. However, in some cases, the tax amounts are tied to inflation so that they automatically adjust. In many cases, numbers are only modified …
The questions have started coming in regarding the 2020 and 2021 income limits for Roth IRA contributions. Planning ahead for taxes is always a good idea. However, sometimes, you can get out a little bit too far. The IRS publishes various numbers, tax brackets, and the like for the next tax year during the fall …