Accounting Solutions

Did you know: On December 29th, 2022, the IRS announced the new standard mileage deduction rate for 2023, raising the rate from 62.5 cents per mile to 65.5 cents per mile. This is another 3 cents per mile increase since the 2022 mid-year increase and a 7 cents increase from January 2022!

The new rates are effective January 1st, 2023. The 22 cents per mile rate for medical and the 14 cents per mile rate for charitable organizations remain unchanged.

Keep track of those miles driven for tax deductions as well. Small Business owners, this is a great deduction during tax time.

Hello Friends: Something to keep in mind for those that are required to work from home.

Here’s what taxpayers need to know about the home office deduction | Internal Revenue Service Tax Tip 2020-98, August 6, 2020

Here is some important information from the IRS regarding PPP loans and how the IRS is currently treating funding and expenses.

e-News for Small Business Issue 2020-8 IRS: Three new credits are available to many businesses hit by COVID-19New Employee Retention Credit helps employers keep employees on payrollAbout Form 7200, Advance Payment of Employer Credits Due to COVID-19