Latest updates
Standard Deduction
The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior year.
Standard Mileage Rates
The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022.
Form 8283
Noncash Charitable contribution Introduction Form 8283 is tax form to report Noncash Charitable contribution.
Qualified Business Income
In general, total taxable income in 2021 must be under $164,900 for single filers or $329,800 for joint filers to qualify.
Employee Business Expenses is a tax form distributed by the inter nal Revenue Service (IRS)
Mortgage interest is one of the major deductions available to personal taxpayers.
DEPRECITATION
Form 4562 : Depreciation and Amortization is an Internal Revenue Service (IRS) form used to claim deductions for the deprecitation or
amortization of an asset or piece of property for tax filing purposes.
1099-SSA
You should receive a Form SSA-1099 showing in box 3 the total social security benefits paid to you. Box 4 will show the amount of any benefits you repaid in 2021.
Qualified Business Income Deduction (QBI)
The Tax Cuts and Jobs Act (TCJA) of 2017 introduced a new tax deduction for qualified business income (QBI) for pass-through entities such as partnerships, S corporations, sole proprietorships, and certain real estate investment trusts (REITs).
