Accounting Solutions

03/29/2023

Interest and penalties can pile up. If you owe taxes and can’t pay in full, it’s better to file and pay as much as you can by the due date on April 18 to minimize interest and penalties.

For more information, visit www.irs.gov/penalties

03/28/2023

If you support a parent or a child that doesn’t qualify you for the Child Tax Credit, you may qualify for the Credit for Other Dependents.

Learn more and see if you’re eligible to claim this credit: http://ow.ly/T1aq50MVNp0

01/26/2023

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.

05/03/2022

Here is some great information for small business owners.

Tax Tip 2022-68: Small business owners shouldn’t miss this free recorded workshop Internal Revenue Service (IRS) sent this bulletin at 05/03/2022 11:14 AM EDT IRS Tax Tips May 3, 2022 IRS.gov Help For Hurricane Victims What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & F...

01/05/2022

This is a great credit to take advantage of.

Employers: For answers to your questions about the retroactive termination of the Employee Retention Credit, the IRS issued guidance to help.

Follow this link for details:
https://go.usa.gov/xeJUx

01/05/2022

Good time to update your logs.

IRS issued standard mileage rates for 2022→58.5 cents per mile driven for business use. The optional standard mileage rates are used to calculate the deductible costs of operating a car for business, charitable, medical or moving purposes.

To learn more, click here: https://go.usa.gov/xetnV

11/30/2020

The tax year is quickly coming. Here are some great tips from the IRS small businesses should review.

Be Prepared! Happy Holidays!

Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.

08/06/2020

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

Tax Tip 2020-98, August 6, 2020

05/14/2020

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

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

05/06/2020

If you received too much money or your payroll requirements changed please read this notice.

The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.