The Standard Mileage Rate Is Increasing - Here’s What You Need to Know

The Standard Mileage Rate Is Increasing - Here’s What You Need to Know

The IRS is providing some relief for high gas prices.The agency announced an increase in the optional standard mileage rate.
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Foreign Earned Income Has Huge U.S. Tax Benefits

Foreign Earned Income Has Huge U.S. Tax Benefits

U.S. citizens and resident aliens pay taxes on foreign earned income. However, those qualifying may be able to take advantage of valuable tax breaks.
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Summer Employment for Children - Options and Benefits

Summer Employment for Children - Options and Benefits

Are you looking for summer employment for your children? There are plenty of perks beyond pocket money that you and your children should know about.
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Businesses: Prepare for the Lower 1099-K Filing Threshold

Businesses: Prepare for the Lower 1099-K Filing Threshold

In 2022, the threshold has dropped significantly for the filing of Form 1099-K. Businesses & workers in certain industries may receive more of these forms.
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You Can Expense Business IT Equipment Purchases

You Can Expense Business IT Equipment Purchases

Businesses can now expense (write off as a deduction) IT equipment. However, it must be purchased and placed in service before the end of the year.
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Corporate Business Owners Must Have “Reasonable Compensation”

Corporate Business Owners Must Have “Reasonable Compensation”

Owners of incorporated businesses understand the tax advantage of paying compensation vs dividends. But rules exist for “reasonable compensation.”
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Are You Cheating on Taxes? Here's What Could Happen

Are You Cheating on Taxes? Here's What Could Happen

Cheating on your taxes has unpleasant consequences. These consequences include monetary penalties and the possibility of jail time for blatant cases.
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Owe the IRS Money? How Long Is the Statute of Limitations?

Owe the IRS Money? How Long Is the Statute of Limitations?

For most taxpayers, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations.
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