On December 19, 2024, the IRS issued in Notice IR 2024-312 the 2025 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on Jan. 1, 2025, the standard mileage rates for the use of a car (also vans, pickups or panel trucks)… Read More

The IRS in Revenue Ruling 2024-26 has issued the various prescribed rates for federal income tax purposes. What Is the Applicable Federal Rate (AFR)? The applicable federal rate (AFR) is the minimum interest rate that the Internal Revenue Service (IRS) allows for private loans. Each month the IRS publishes a set of interest rates that the… Read More

The IRS in Revenue Ruling 2024-24 has issued the various prescribed rates for federal income tax purposes.           What Is the Applicable Federal Rate (AFR)?               The applicable federal rate (AFR) is the minimum interest rate that the Internal Revenue Service (IRS) allows for private loans.…… Read More

The IRS in Revenue Ruling 2024-21 has issued the various prescribed rates for federal income tax purposes.           What Is the Applicable Federal Rate (AFR)?               The applicable federal rate (AFR) is the minimum interest rate that the Internal Revenue Service (IRS) allows for private loans.…… Read More

We are pleased to announce that our website has been upgraded.  You can now make payments for all invoices on the “Make a Payment” page.  In addition to accepting VISA, MasterCard, Discover, and bank debit cards, you may now pay your invoices using an e-Check.… Read More

The Internal Revenue Service announced on August 21st that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2024.   For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily.  Here’s a complete list of the new rates:  8% for overpayments (payments made in excess of…… Read More

On November 1, 2023, the IRS announced the 2024 retirement contribution limits to reflect the change in the headline consumer price index for regular and Catch-up contributions.  Catch-up contributions are for those aged 50 or older.   2023    2024 Increase 401k $22,500 $23,000 $500 Catch-Up $7,500 $7,500 $0 Traditional IRA $6,500 $7,000 $500 Roth… Read More

Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024, the Social Security Administration announced today. On average, Social Security retirement benefits will increase by more than $50 per month starting in January. More than 66 million Social Security beneficiaries will see the 3.2 percent… Read More

On December 14, 2023, the IRS issued in Notice IR 2023-239 the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks)… Read More

President Biden signed into law The Inflation Reduction Act on August 16, 2022.  The key provisions are: Clean energy tax credits for homeowners – current tax credits for solar and wind power are extended to 2032; eligible homeowners could qualify for a 30% tax credit. Rebates for electric cars – Existing tax credits for the… Read More