Did you know that the majority of e-filed tax returns last year were done by paid tax preparers? This year, that number is even larger! The reason is complicated. The tax code has gotten more and more complex so the number of “special cases” or the level of “gotchas” is growing. That coupled with more …
Last Minute Vehicle Deductions
Thinking about getting a new vehicle for your business? Might be a good idea now to put those plans in gear! If you purchase and put into service a vehicle before the end of the you, you can get some tax savings that won’t necessarily be available next year. The rules are a bit tricky, …
Major Pipelines in North America
Maybe it’s just me, but I think I see pattern here. Texas could help with soaring gas prices if they’d let us! https://bit.ly/3yt9LhP
Big Wind, Big Oil
Big Wind. Big Oil. Everything’s Bigger in Texas https://bit.ly/3OFviZC
Top Googled Countries
Some in the media are stepping all over themselves trying to tell the world how terrible we are, but the world is Googling the USA! https://bit.ly/39QpePv
IRS Bots
One of the ways the IRS is addressing complaints about phone call wait times is with voice bots. The agency has been using voice-activated software to help taxpayers navigate service menus and get answers to relatively simple questions since January 2022. Now, it’s expanding bot use to help callers set up and modify payment plans. …
Voting with Their Feet
Even millionaires vote with their feet, but I suppose it’s easier in expensive shoes!
Don’t Expect Food Prices to Go Down Any Time Soon
“Food inflation is running rampant at 10.1%. A contributing factor is the impending fertilizer shortage, which stems from the Ukraine war. As it turns out, Russia is not only a massive exporter of oil, but wheat and fertilizer as well.” Food inflation isn’t going to get better anytime soon. https://bit.ly/3OoONGs
Foreign Bank and Financial Accounts
The Supreme Court of the United States (SCOTUS) will take up a controversial issue affecting owners of certain foreign financial accounts. A holder of a foreign account worth more than $10,000 in the preceding year must file a “Report of Foreign Bank and Financial Accounts” (FBAR). For a non-willful failure to file, the penalty is …
Standard business mileage rate will increase for the second half of 2022
Had to fill up with gas the other day. Pumping the gas didn’t take long, but filling out the loan paperwork is a killer! I suppose this goes in the good news bucket. Because of the soaring price of gasoline, the IRS has increased the standard mileage rate for qualified business driving for the second …
Standard business mileage rate will increase for the second half of 2022 Read More »