Tag: deduction

Taxing Your Retirement Income

April 13, 2023
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You’ve developed a retirement plan. And in developing this plan, you’ve determined what income you’ll need to meet expenses. But have you accounted for taxes? During your working years, your employer withdrew the taxes from your check. But now, since your money may come from various sources, you’ll need to make sure those taxes are…

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Travel Expenses and Working in Down Time

March 13, 2023
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Conferences, worksite visits, and other travel may be claimed as a travel deduction. The Internal Revenue Service allows “ordinary and necessary” expenses regarding travel. They also take into account how far you travel from your tax home. But what is a tax home, and what is meant by ordinary expenses? Here are the facts about…

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IRS Delays Tax Document

February 23, 2023
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By Kelley R. Taylor From Kiplinger’s Personal Finance Q: I Have a Side Job and I’m Paid via Venmo. Will I Be Getting a 1099-K Form to Report This Income on My Tax Return? Answer: Not yet. At the end of 2022, the IRS delayed implementation of the so-called $600 rule, which had caused a…

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In Unusual Mid-Year Move, IRS Raises Standard Mileage Deduction

July 2, 2022
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The Internal Revenue Service (IRS) made an unusual announcement on June 9, raising the optional standard mileage rate for the final six months of 2022. The move comes as sky-high gas prices continue across the country. The IRS hasn’t changed the mileage rate mid-year since 2011. Typically such increases are enacted in the fall, for…

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