Applicable Federal Rates (AFR) for June 2024 The IRS in Revenue Ruling 2024-12 has issued 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… Read More

The IRS in Revenue Ruling 2024-09 has issued 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

In IRS Revenue Ruling 2024-6, the Internal Revenue Service announced on February 3, 2024, that interest rates will remain the same for the calendar quarter beginning  April 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… 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

The tax return deduction for educators remains at $300 for 2023 tax returns. The IRS is telling educators that they can deduct up to $300 of out-of-pocket classroom expenses ($600 if married filing jointly and both spouses are educators). Any kindergarten through grade 12 teacher, instructor, principal, or aide at a public or private school… 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.  We accept VISA, MasterCard, Discover and bank debit cards. To make a payment, click on https://goldentax.com/make-a-payment/… Read More

Click on the link below to view our easy-to-understand fact sheets, newsletters, & worksheets: Tax Info… Read More