Bruno P.C.

The IRS has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes:

https://blogbrunoaccountants.wordpress.com/2023/01/17/irs-issues-standard-mileage-rates-for-2023-business-use-increases-3-cents-per-mile/

Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax.

Due to all the tax law changes in the recent years, including increases to the standard deduction, people who itemized in the past might want to switch to the standard deduction.

Here are some details about the two options:

https://blogbrunoaccountants.wordpress.com/2023/01/03/its-important-for-taxpayers-to-know-the-difference-between-standard-and-itemized-deductions/

Organizations that meet specified requirements under Section 501(c) of the Internal Revenue Code may qualify for tax-exempt status. These include charities, social welfare organizations, civic leagues, social clubs, labor organizations, and business leagues.

Most organizations are required to apply for recognition as tax-exempt.

Here are some key things that charities should know about the application process:

https://blogbrunoaccountants.wordpress.com/2022/11/29/what-to-know-about-the-tax-exempt-application-process-for-charities/