Tag: #businesstaxes
Business mileage tax deduction rate goes up in 2026
The Internal Revenue Service’s annual inflation adjustments are among the changes we’ll encounter in 2026. And today, the agency finally announced next year’s standard optional mileage rate amounts you can use next year to claim various deductible vehicular trips. The details are in IRS Notice 2026-10, but here’s the upshot. The standard optional…
2026 Tax Solutions
"2026 tax solutions" encompass a range of changes enacted by recent legislation (the "One Big Beautiful Bill Act") and annual IRS inflation adjustments, which include permanently extending existing tax rates and a higher standard deduction, along with introducing new, temporary deductions and increased retirement contribution limits. Key changes and planning solutions…
Standard Deduction 2026 Amounts Are Here
The IRS released the 2026 standard deduction amounts you’ll use for your 2026 tax return — and they're higher than ever. The IRS adjusts these amounts for each filing status every year. Since these adjustments are based on inflation, the standard deduction is higher for 2026 compared with last year. The increased standard deduction amount…
How All 50 States Tax Retirees
Alabama taxes A new law effective last year makes the first $6,000 or distributions from retirement plans (like IRAs and 401(k)s tax-exempt for retirees 65 and older in Alabama. Income Tax on Taxable Income: Low of 2% (on up to $500 for single filers and $1,000 for joint filers) and a high…
5 tax moves to make this August
This month is a good time to make some tax moves that could save you some (or more) dollars and/or keep you out of tax trouble. Here are five to consider. 1. File your 2022 return by Aug. 15.OK, this applies only to a few, relatively speaking, taxpayers. But Tax…
TAX PENALTY-AFTER EXTENSION
Interest Interest accrues on your unpaid balance and compounds daily from April 18 (which was the tax deadline for most people) until you pay the balance in full. Interest rates on underpayments of tax are set each quarter. For non-corporate taxpayers, the rate is equal to the federal short-term rate plus three…
Some state refund recipients should amend their federal tax returns
Residents in 21 states got some good news from the Internal Revenue Service earlier this year. In 2022, they received general welfare, disaster, or stimulus payments from their state officials. These generally were referred to as refunds. Basic state tax refunds, in some instances, are taxable at the federal level.…
Family business tax considerations
Some of the world's largest companies are family owned. Yes, we're looking at you, Walmart. But the real backbone of every community is its locally owned and operated businesses. Although they are much smaller, these owners face many of the same challenges as do corporate behemoths that are run by…
Get Ready For 2023
WASHINGTON – The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns. This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A ”Get Ready” page, updated and available on…
New Exclusion of up to $10,200 of Unemployment Compensation
To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislation, signed on March 11, allows taxpayers…
