Singer Neil Sadaka was right: breaking up is hard to do. For clients in the process of ending their marriage, there is more to consider than a simple separation of assets. Whether legally separating or divorcing, they could be facing big changes in their individual tax situations—and the Internal Revenue Service recently highlighted information that could help.… Read more about Separation and Divorce Tax Issues to Consider (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
Due to rising gasoline prices, the Internal Revenue Service has taken the rare step of increasing its optional standard mileage rates for the last six months of the 2022 tax year. These rates are significant since taxpayers use them to calculate the deductible costs of operating a vehicle for business purposes.… Read more about 2022 Mileage Rates Increasing (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
It’s a tight job market out there, and many employers are struggling to recruit and retain qualified employees to maintain operations. While tax pros can’t provide employees for their clients’ businesses, they can explain tax benefits like the Work Opportunity Tax Credit (WOTC). This credit is designed to reward employers who hire long-term unemployment recipients or those who face employment challenges.… Read more about IRS Highlights Work Opportunity Tax Credit (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
The Internal Revenue Service is increasing the interest rates it can charge taxpayers for under- or overpayments, starting July 1. This follows the trend of interest rates for consumer loans and other financial transactions.… Read more about Higher IRS Interest Rates Coming in Q3 (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
The Internal Revenue Service has once again revised the frequently asked questions (FAQs) for the 2021 Child Tax Credit (CTC) and Advance Child Tax Credit (ACTC). These revisions take into account several changes, including the end of filing season for the 2021 tax year.… Read more about IRS Updates FAQs for 2021 CTC and ACTC (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
