In a rare mid-year move, the IRS has decided to increase the optional standard mileage rate for the remaining six months of 2022. This rate is used to calculate the costs of operating a vehicle for business, medical and military moving expenses, and charitable purposes, rather than tracking actual costs, although taxpayers still have the option to do so.

Today, we’re tackling a surprisingly controversial topic on the blog: the enhanced Child Tax Credit. In 2021 parents got a little extra cash from the government in the form of increased maximums and advance payments. And while more money in your pocket sooner than expected sounds like a no-brainer, as with everything when it comes to the IRS, the updated Child Tax Credit brought its fair share of headaches, especially for us tax preparers.

Now that we’ve wrapped up the 2021 tax season and the enhanced Child Tax Credit has expired, how will this year look different for parents? Keep reading to find out.

We know, we know. When you experience a significant life event, the last thing you think is, “How will this impact my tax return?” And while we hate to put a damper on the party, it’s important to consider the effects of events like getting married, having a baby, and even losing your job because, spoiler alert, they all change how much you receive or owe come tax time. So check out what you need to know before you tie the knot, bring home a bundle of joy, accept a new job offer, and more.

When was the last time you updated your W-4 form? If your answer is back when I started at my job, it’s time to revisit this old friend to make sure you have the correct amount withheld from each paycheck so that you’re not hit with a huge bill come April.

Despite the fact that most people do encounter a W-4 form when they get a new job, not everyone understands how much it impacts their tax bill. But we’re here to explain what it is, and how to fill it out in a way that can make your tax experience a more positive one.

It goes without saying that we’ve all been feeling a little more pain at the pump lately. But did you know that the recent spike in gas prices has sparked a debate around the gas tax? It’s something we hardly pay attention to when we stop to fill up, but those 9/10ths of a cent can certainly add up when we’re paying over $4.00 per gallon.

Can you believe another year has come and gone since Covid19 turned our world upside down and made our tax returns just that much more complicated? We’re hoping that the changes to your returns haven’t completely bogged you down in kicking off the process for filing your 2021 returns, and we have a few helpful tips and deadlines you can follow to make this tax season go as smoothly for you as possible.

Here at Accountability, we want to ensure that you get all the money you deserve back into your pockets come tax season. That’s why this month, we’re breaking down the Child and Dependent Care Tax Credit, and you’ll be thrilled to find out that this year you may be entitled to more money than ever before. So if you have children or an adult-dependent receiving care, keep reading to see how much money you will qualify for!

It's time to file your tax returns, which means it's also time to reconcile those advanced child tax payments! All that free money has to be accounted for!

When it comes to taxes there is never one answer that fits every scenario. Gift tax is no different. We get this question a lot when our clients get large gifts (lucky you if it’s for a holiday!) or become the benefactor of an inheritance

Being a small business owner is difficult on even the best days. Being a small business owner during Covid has been nearly impossible. As we begin to return to our “new normal,” your small business may still be struggling to make ends meet. And while this is incredibly stressful for you as a business owner, EIDL loans are still available to help improve your circumstances. But understanding how to best support your current situation can be tricky! That’s why we’re here to break down this loan option and give you a few new updates to it.

When tax time rolls around, clients often ask if we want their shoebox full of gas receipts. The answer is typically no, thank you. Although you can use your business account to cover the cost of gas, that is not typically how the write-off trickles down. But we still give you points for being dedicated.

It’s no surprise to anyone that the real estate market has been HOT this year which means properties are selling every single day. Sellers are getting stars in their eyes over the potential profit of homes, but a higher selling price doesn’t always translate to dollars in your pocket when you figure in taxes. So when exactly should you expect to pay taxes on a property you’re selling? Keep reading to get all the details.

There's some excellent news pending for New Hampshire business owners that we've been waiting to share with you! There is currently a law in the works that would reduce business taxes in the state, and then, over a five-year period, eliminate the interest and dividend tax, making it only the ninth state to do so!

Your kids may have spent the past year driving you absolutely bonkers, but this summer having them around is about to pay off….in a big way! There have been some really important changes to the Child Tax Credit (CTC) this year that may allow you to receive advance payments starting THIS SUMMER! And because we know you don’t want to pour over all the resources to find out how you benefit from this change, we will do it for you!

It’s the most wonderful time of the year—tax season! While we tax pros didn’t think it could get much crazier than last year, 2020 returns are proving to be just as interesting. There have been a few after the fact changes to unemployment, PPP, state grants and a variety of business credits, contending with stimulus eligibility strategies. Phew, it’s a lot to keep track of, even for us nerds. This may be the first year you’re considering amending a prior tax return based on some of these changes. So we’re saving you time and frustration by answering all of your frequently asked questions regarding amended returns.

We know you may be still recovering from the wild ride of completing your 2019 tax return after Covid19 turned our world upside down, but a new tax season is upon us, and there are few things you should know in order to make the process of filing your 2020 return as smooth as possible. Check out our updates below to find out what’s changed and what’s still in place for this year.

With so many folks working from home due to Covid, we've seen a spike in the creation of new small businesses. This is great news! Owning a small business has so many benefits including the potential for financial independence and the ability to be your own boss. One of the most common questions we get from our clients who are taking this leap is how to select an entity. And while your mind is probably in overdrive with all the balls you have to juggle to get your company off the ground, choosing the right entity for your business is one of the most important decisions you’ll make. So read on and discover our recommendation for which type of entity is the best fit for new small businesses.

We’ve got great news for our clients who were feeling especially generous during the last year and made significant contributions to charitable organizations during 2020. As part of the CARES act, the IRS has announced a temporary tax break that allows more people to deduct up to $300 in qualifying donations when they file their taxes in 2021—even if they choose the standard deduction rather than itemizing.