The IRS has announced that the 2022 mileage rate for operating an automobile for business will be 58.5 cents per mile, up from 56 cents per mile in 2021. The business mileage rate is used when an employee drives their…
The Alternative Minimum Tax (AMT) is a separate income tax that can apply to high income individuals. Nobody wants to pay more tax than necessary, so it’s common for people to take advantage of various tax benefits that reduce their…
Exchange traded funds (ETFs) have exploded in popularity over the past few years, with around $5.4 trillion held in net assets in 2020. If you’re investing in ETFs, it’s important to understand the tax angles. Comparison to Mutual Funds Let’s…
With the 2022 tax season rapidly approaching and the holidays in full swing, the Internal Revenue Service encourages taxpayers to be vigilant in protecting sensitive financial information from identity thieves. The IRS warns that taxpayers face a heightened risk in…
If you travel a lot for business and have been considering the purchase of your own aircraft, you’ll want to be aware of the basic tax rules: In most cases, if you use the plane only for ordinary and necessary…
The 2021-2022 Aflac WorkForces Report highlights some trends in employee benefits that have occurred due to the pandemic. The report reflects an increase in employee interest in supplemental benefits such as life insurance, critical illness, accident, and disability coverage. These…
Many of us make new year’s resolutions – new habits we want to cultivate in order to achieve our goals. Amid your weight loss and other self-improvement intentions, here are some financial goals to consider: Review your investments. With market…
There’s still time before the end of this year to execute a few strategies to reduce your 2021 tax liability. Here are a few ideas: Take advantage of bonus depreciation. If you purchase new or used equipment, machinery, or office…
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020,…
Each year, the government updates certain dollar limits for inflation. Here are the new numbers for 2022 along with some explanatory information: Payroll Taxes The Social Security Taxable Wage Base has increased to $147,000. Both employees and employers contribute to…