The IRS is behind on the processing of returns, here’s why. Click here to read the article by Ruth Singleton published June 27, 2022, Issuing Her Midyear Report, Taxpayer Advocate Says Backlog ‘Is Still Crushing the IRS’.
Read MoreThe IRS announced an increase in the standard mileage rates for the rest of the year. Beginning July 1, 2022, the rates are 62.5 cents per mile for business use of an automobile and 22 cents per mile for costs of using an automobile as a medical or moving expense. (IR 2022-124, 6/9/2022; Ann 2022-13, 2022-26 IRB) Read the full posting on...
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Johnson, Mackowiak & Associates, LLP (JMA) Partners Dave Mackowiak and Denise Veloski, are pleased to announce that Linda J. Harris, CPA has joined the firm as partner. At JMA, Ms. Harris will focus primarily on the tax aspects of the practice, which includes overseeing tax preparation and consultations regarding individuals, estates, corporations and...
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It’s been in the headlines, the spike in fraudulent unemployment insurance claims complaints related to the COVID-19 pandemic. Here is an important notice, shared courtesy of local managed IT support services company,...
Read MoreRight about now we are all thinking about filing our 2019 taxes. It’s important to remember though, that the new tax year begins on January 1st and you should be aware of what the new tax year brings. Certain deductions stayed the same, but standard deductions, income thresholds for tax brackets, certain tax credits, and retirement savings limits increased. To...
Read MoreIn January we like to make resolutions for the new year; be sure include becoming financially healthier as one of those resolutions. Here are six measures for financial health: Net Worth: assets minus liabilities;Savings Rate: portion of your income you save each month;Debt-to-Income (DTI) Ratio: all monthly debt payments divided by your gross income;Credit Score:...
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