Business mileage tax deduction rate goes up in 2026

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...
2026 Tax Solutions

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...
Standard Deduction 2026 Amounts Are Here

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...
How All 50 States Tax Retirees

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...
5 tax moves to make this August

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 Day,...