Newsletters
IRS Increases Mileage Deduction Rate
Posted July 2022
On June 9, 2022, the IRS implemented a mid-cycle increase to the mileage deduction rate for vehicles used for business purposes. The increase to 62.5 cents per mile, up from the current rate of 58.5 cents per mile, will take effect July 1 and remain for the rest of 2022.
Gift, Estate and Generation-Skipping Transfer Tax Changes for 2022
Posted July 2022
After remaining the same for four years, the annual gift tax exclusion has increased from $15,000 to $16,000 for gifts made on or after January 1, 2022. The exclusion is the most you can give away for the benefit of a single person within a calendar year without the need to file a federal gift tax return or reduce your lifetime exemption. If you are married, you can elect to “split” these gifts with your spouse, which essentially doubles the annual exclusion.
Rules on Inherited IRAs and Other Post-Death IRA Issues
Posted July 2022
When you are the named beneficiary of an individual retirement account (IRA) and the owner of the IRA dies, you receive as an inheritance the amount in the IRA. Under current tax law, the inheritance passes to you tax-free, that is you do not pay taxes at the time the IRA ownership passes to you. But you are still required to take distributions from the account, which may be taxable. We will briefly explore the different type of IRA accounts and their taxability to the beneficiary of that account.
Tax Filing Reminders – July 2022
August 1st
August 15th
September 15th
September 30th
October 17th