Taylor wants to give an update on the IRS and the Employee Retention Tax Credit (ERC)

 December 7, 2023

In September the IRS announced a moratorium on processing any new ERC claims because they had received a large number of claims from “ERC Mills” who were advertising and placing robocalls using questionable representations that they could get large refunds for taxpayers.  Yesterday IRS announced that they were sending over 20,000 letters rejecting some of… Read More

Kelly wants you to know some updated IRS tax info for 2024

 November 30, 2023

IRS recently issued updates for certain individual income tax items. Here are the new standard deduction amounts for 2024: The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023. For single taxpayers and married individuals filing separately, the standard deduction rises to… Read More

Laurie wants you to know the new IRS tax brackets for 2024.

 November 28, 2023

Laurie wants you to know the new IRS tax brackets for 2024. Tax Rate Single Filers Married Couples Filing Jointly Heads of Households 10% $0 to $11,600 $0 to $23,200 $0 to $16,550 12% $11,600 to $47,150 $23,200 to $94,300 $16,550 to $63,100 22% $47,150 to $100,525 $94,300 to $201,050 $63,100 to $100,500 24% $100,525… Read More

From Kelly-Did you know there are types of income that the IRS does not tax?

 February 28, 2023

Here is a list of income that is not taxed: 1. Adoption assistance If your employer provided you with paid adoption assistance, that’s nontaxable income. For 2022, the max amount is $14,890 per child.  The IRS has a few rules about what qualifies as an expense, like adoption fees, court costs, and travel. 2. Alimony… Read More

Message from Taylor about mileage rates and mileage logs

 February 16, 2023

As of January 1, 2023, the IRS has increased the standard mileage rate tax deduction to 65.5 cents per mile.  For the first six months of 2022 the rate was 58.5 cents per mile, and for the last six months of 2022 the rate was 62.5 cents per mile. Generally, you can deduct costs relating… Read More