2023 IRS Inflation Adjustments for Individual Taxpayers

2023 IRS Inflation Adjustments for Individual Taxpayers

The IRS has issued a few notices to adjust for inflation for 2023 in Notice 2022-38. The 2023 Standard Deduction is increased to $27,700 for MFJ (up from $25,900) $20,800 for HOH (up from $19,400) $13,850 for Single filiers and MFS (up from $12,950) The refundable...
Inflation Reduction Act of 2022 and Individual Taxpayers

Inflation Reduction Act of 2022 and Individual Taxpayers

President Joe Biden signed the Inflation Reduction Act (IRA) of 2022 into law on August 16, 2022.  The budget reconciliation act narrowly passed the senate with a 51-50 with the vice president, Kamala Harris, casting a tiebreaking vote.  A majority of the bill deals...
IRS announces Mileage Rate Increase starting July 2022

IRS announces Mileage Rate Increase starting July 2022

Due to rising gasoline prices, the IRS has announced an increase of 4 cents for the standard mileage rate for the last 6 months of 2022. The 2022 mileage rates are: 1/1/22-6/30/22 is 58.5 cents a mile 7/1/22-12/31/22 is 62.5 cents a mile The medical and moving mileage...
When are you considered a Household Employer?

When are you considered a Household Employer?

In today’s world it is common to have domestic help; from gardeners and housekeepers to nannies and home health care assistance.  The question is, when does this situation turn into an employer and employee relationship and what are the filing requirements and...