The Internal Revenue Service has issued new standard mileage rates for operating an automobile for business, charitable, medical or moving purposes for 2023. Beginning January 1, 2023, the standard mileage rate is 65.5 cents per mile for business use (up from 62.5 @ 7/1/22 and 58.5 from 1/1/22 – 6/30/22), 22 cents per mile for medical and moving mileage (up from .18 from 1/1/22 – 6/30/22), and 14 cents per mile for charitable organization mileage (this rate is unchanged). These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles. [Read more...]
Nancy J. Winter, CPA – Earned Income Tax Credit Eligibility Rules
The Earned Income Tax Credit (EITC) is a tax credit for people who work but do not earn high incomes. To qualify for tax year 2022, taxpayers must meet the following requirements and file a tax return. [Read more...]
Nancy J. Winter, CPA – Tax Credits for Energy Efficient Home Improvements
If you’re a homeowner and you’re planning on a few home improvements that will boost the energy efficiency of your house, you may save some money on your projects now that the Inflation Reduction Act has been signed into law. One of the tax credits included in the Act is the Energy Efficient Home Improvement Credit, formerly known as the Nonbusiness Energy Property Credit, which expired at the end of 2021. However, the Inflation Reduction Act has brought it back to life and improved it substantially. [Read more...]
Nancy J. Winter, CPA – Earned Income Tax Credit Eligibility Rules
The Earned Income Tax Credit (EITC) is a tax credit for people who work but do not earn high incomes. To qualify for tax year 2021, taxpayers must meet the following requirements and file a tax return. [Read more...]