A bill has been introduced in Congress that, if passed, would substantially increase the amount of Social Security tax that some taxpayers pay. In addition, the Social Security Administration (SSA) recently projected what the Social Security wage...
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The general rule for retaining federal tax records is three years. That’s because the statute of limitations for the IRS to audit your tax return is typically three years. The statute of limitations starts on the later of 1) the due date...
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The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps this year. It’s accompanied by a hike in the...
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Our office will be closed Monday, September 5, 2022 for the Labor Day holiday. We will resume normal business hours on Tuesday. In addition, our summer hours, beginning May 27, 2022, are as follows; Monday – Thursday...
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The Columbia County Chamber of Commerce Annual Banquet provided many wonderful achievements and successes for The Cleveland Group, CPAs. Our very own, Mr. Cleveland, was awarded the Lifetime Achievement award on February 3rd, 2022. The Columbia...
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Using Venmo, PayPal or any other Cash Application? Mobile payments apps are becoming increasingly more popular. They offer easy accessibility for businesses and consumers to make and receive payments. If you are using this form of...
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IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience WASHINGTON — The Internal Revenue...
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The holidays often inspire a spirit of generosity. So, at year end, many people decide to give money or assets to their loved ones. Over time, lifetime gifts can also be an effective way for wealthy people to minimize their taxable estates. Here...
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Year-end giving reminder: Special tax deduction helps most people give up to $600 to charity, even if they don’t itemize WASHINGTON – The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more...
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Social Security wage base, COLA set for 2022 The maximum amount of an individual’s taxable earnings in 2022 subject to Social Security tax will be $147,000, the Social Security Administration (SSA) announced. An increase from $142,800 for...
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Advance Child Tax Credit The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act. The IRS will calculate these payments based on the 2020 tax return. If that return is not available because it has not...
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Eventually, some adults find themselves providing financial support to the people who previously supported them as children (their parents). If you pay over half the costs of supporting your parent, you may be eligible for some well-deserved tax...
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