IRS Announces 2023 Standard Mileage Rates

On Dec. 29, 2022, the IRS announced the 2023 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The 2023 standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 65.5 cents per mile…

2022-2023 Tax Planning Guide

Download a copy of your tax planning guide for helpful insights! Once again, it’s time to start thinking ahead to tax season! The last couple months of the year are a great time to make the most of your tax planning opportunities. Our 2022-2023 Tax Planning Guide is designed to support our clients and assist…

Inflation Reduction Act of 2022

The recently enacted Inflation Reduction Act of 2022 contains several new environment-related tax credits that are of interest to individuals and small businesses. The Act also extends and modifies some preexisting credits. Extension, Increase, and Modifications of Nonbusiness Energy Property Credit Before the enactment of the Act, you were allowed a personal credit for specified…

IRS Issues 2022 Standard Mileage Rates

The IRS issued Notice 2022-03 showing the updated calculations for optional standard mileage rates of operating an automobile for business, charitable, medical or moving purposes. This notice went into effect January 1st, 2022. A quick breakdown of these calculations are below and can be found on the official IRS website: 58.5 cents per mile driven…