Article for Tax Guide Online
11/4/2022 Article for Tax Guide Online The 2023 Medicare tax rate is 2.9%. You’re typically responsible for paying half of this amount (1.45%), and your employer is responsible for the other half. Learn more. American workers have taxes for Social Security and Medicare withheld from their paychecks. Together, these two income taxes are known as […]
IRS Updates Electric Vehicle Credit
10/18/2022 IRS Updates Electric Vehicle Credit New Final Assembly Requirement If you are interested in claiming the tax credit available under section 30D (EV credit) for purchasing a new electric vehicle after August 16, 2022 (which is the date that the Inflation Reduction Act of 2022 was enacted), a tax credit is generally available only […]
IRS Increases Mileage Allowance Rates
10/11/2022 IRS Increases Mileage Allowance Rates The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of […]
Inflation Report Update
10/6/2022 Inflation Report Update The latest inflation report confirms that prices for just about everything continue to rise, with the Consumer Price Index (CPI) up 8.3 percent over the last year and many categories up even higher, including food (11.4 percent) and energy (23.8 percent). While not part of the CPI, another measure of inflation […]
Health Savings Account (HAS)
10/5/2022 Health Savings Account (HAS) You are not eligible to make contributions to an HSA after you have Medicare. To avoid a tax penalty, you should make your last HSA contribution the month before your Part A coverage begins. Premium-free Part A coverage will go back (retroactively) six (6) months from when you sign up […]
Child Tax Credit
9/30/2022 Child Tax Credit Over the next ten years, the structure of the Child Tax Credit (CTC) is scheduled to change, complicating efforts to extend enhanced Child Tax Credit benefits or reform the Child Tax Credit for the long-term. Rather than take an all-or-nothing approach or relying on temporary expansions, lawmakers might consider alternative options […]