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How will revised tax limits affect your 2022 taxes?

How will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.  If you’re like most people, you’re probably more concerned...

Defer tax with a like-kind exchange

Defer tax with a like-kind exchange

  Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in...

Tax filing step 1: Gather all year-end income documents

Tax filing step 1: Gather all year-end income documents

As taxpayers are getting ready to file their taxes, the first thing they should do is gather their records. To avoid processing delays that may slow their refund, taxpayers should gather all year-end income documents before filing a 2021 tax return. It's important for...

Are you eligible for a medical expense tax deduction?

Are you eligible for a medical expense tax deduction?

      You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of...

Gig workers should understand their tax obligations

Gig workers should understand their tax obligations

        The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes...

Will the standard business mileage rate go up in 2022? Yes!

Will the standard business mileage rate go up in 2022? Yes!

  After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the...

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