The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022.
Topics: ohio, Tax, Tax Team, Tax updates, IRS, Retirement Plan, Retirement, 2022 Tax Planning, 2022 Retirement Planning
Get prepared for 2021! Check out the cost of living adjustments and see how you will be affected.
Topics: ohio, year-end planning, Tax, Tax Team, Tax updates, workplace productivity, Management, New Year, 2021
Planning on making charitable gifts in 2020 and want to be tax efficient when doing so? There are many ways but below are a few common options...
Topics: brixey and meyer, ohio, Tax, Tax Team, 2020, Charitable Giving
The IRS recently issued new increases to tax deduction and contribution limits for tax year 2020. These increases are from the annual inflation adjustment that the IRS makes towards multiple tax schedules.
There are new variations of Tax Related Scams going around and we want you to be aware!
Topics: brixey and meyer, ohio, Tax, Tax Team, 2019, Scam Prevention
Businesses that use a car or other vehicle may be able to deduct the expenses of operating that vehicle on their taxes. Generally, a business can use one or two methods to figure their deductible vehicle expenses:
Topics: brixey and meyer, ohio, Tax, Tax Team, Steve Hood, Vehicle, Deductions
The biggest thing you hear in the news today is that individuals are getting lower refunds on their 2018 Returns compared to prior years.
Topics: brixey and meyer, Tax, Tax Team, tax reform, Steve Hood, New Year, 2018, 2018 Tax Return
The Internal Revenue Service issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, New Year, Mileage
On Wednesday of last week, the IRS issued long awaited guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under the Tax Cuts and Jobs Act.
Topics: Takeaways, brixey and meyer, Tax, Tax Team, tax reform, Tax updates, meal deduction, Steve Hood