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    Steve Hood

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    The Inflation Reduction Act of 2022

    Posted by Steve Hood on Aug 22, 2022 11:52:39 AM

    On August 12, 2022, the House passed the Inflation Reduction Act of 2022, and President Biden signed the bill on August 16, 2022. The expectation is a reduction of the deficit by $300 billion with various revenue raisers and spending on climate, clean energy and healthcare.

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    Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, Inflation, Inflation Reduction Act

    IRS Raises Mileage Rates for 2022

    Posted by Steve Hood on Jan 20, 2022 2:08:16 PM

    The IRS issued the 2022 optional standard mileage rates which are used to calculate the deductible costs of operating an automobile for business purposes, charitable purposes, medical purposes or moving purposes. 

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    Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, New Year, Mileage

    IRS Ups 401(K) & Other Retirement Benefits

    Posted by Steve Hood on Nov 11, 2021 9:31:09 AM

    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.

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    Topics: ohio, Tax, Tax Team, Tax updates, IRS, Retirement Plan, Retirement, 2022 Tax Planning, 2022 Retirement Planning

    2021 Cost of Living Adjustments

    Posted by Steve Hood on Nov 17, 2020 10:43:43 AM

    Get prepared for 2021! Check out the cost of living adjustments and see how you will be affected.

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    Topics: ohio, year-end planning, Tax, Tax Team, Tax updates, workplace productivity, Management, New Year, 2021

    How To Be Tax Efficient When Charitable Giving

    Posted by Steve Hood on Feb 7, 2020 10:26:56 AM

    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...

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    Topics: brixey and meyer, ohio, Tax, Tax Team, 2020, Charitable Giving

    IRS Increases Tax Deductions & Deferrals For 2020

    Posted by Steve Hood on Nov 22, 2019 9:39:51 AM

    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.

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    Topics: brixey and meyer, ohio, Tax, Tax Team, IRS, 2020

    Lookout for New Social Security Number Scams

    Posted by Steve Hood on Nov 7, 2019 9:49:43 AM

    There are new variations of Tax Related Scams going around and we want you to be aware!

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    Topics: brixey and meyer, ohio, Tax, Tax Team, 2019, Scam Prevention

    Small Businesses Can Benefit From Deducting Vehicle Costs on Their Taxes

    Posted by Steve Hood on May 16, 2019 10:10:33 AM

    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:

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    Topics: brixey and meyer, ohio, Tax, Tax Team, Steve Hood, Vehicle, Deductions

    Why Is My 2018 Tax Refund Less Than Prior Years?

    Posted by Steve Hood on Feb 15, 2019 10:19:27 AM

    The biggest thing you hear in the news today is that individuals are getting lower refunds on their 2018 Returns compared to prior years. 

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    Topics: brixey and meyer, Tax, Tax Team, tax reform, Steve Hood, New Year, 2018, 2018 Tax Return

    IRS Raises Mileage Rates for 2019

    Posted by Steve Hood on Jan 14, 2019 2:00:36 PM

     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. 

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    Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, New Year, Mileage

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