Brixey & Meyer Blog

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. 

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

This has obviously been anything but an ordinary year and it appears the Build Back Better Act will not be signed by December 31st. Any proposed legislation will most likely be effective beginning January 1, 2022. In 2021, Congress did pass the Infrastructure Investment and Jobs Act to spur the economy and help with our federal highways, highway safety programs, transit and other purposes. However, this bill had minimal income tax consequences.

Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, 2021, 2022 Tax Planning

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

Tax Rate Update

Ohio individuals will experience a tax rate decrease that is retroactive to January 1, 2021.

Topics: Tax Planning, ohio, Tax, Tax Team, Tax updates, Sales Tax, Income Tax

The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year.

Topics: Tax Planning, ohio, Tax, Tax Team, Tax updates, workplace productivity, meal deduction, Management, Deductions, Workplace Culture, Tax Increases, Biden Administration

This has obviously been anything but an ordinary year and tax guidance has been issued to provide some relief. In 2020, Congress passed the CARES Acts, in response to the pandemic, and many of these provisions will help mitigate the financial impact of the disease, which should be considered as part of your yearend planning to take advantage of them and the effects of the Secure Act to decrease 2020 income tax liabilities for individuals and businesses. Many of these provisions are quite complicated and probably require the expertise of our tax professionals, but there are steps which can be taken prior to yearend to minimize your tax liability.

Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates

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

IRS Notice 2020-75 (‘the Notice”) was issued on November 9, 2020 and announced that the Department of the Treasury and the Internal Revenue Service intend to issue Proposed Regulations to clarify that State and local income taxes imposed on and paid by a partnership or an S corporation on its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment. Furthermore, the Proposed Regulations will provide certainty to individual owners of partnerships and S corporations in calculating their state and local tax deduction payments.

Topics: ohio, Tax, Tax Team, Tax updates, workplace productivity, Management, 2020, S Corporations, Partnership

As of March 19, 2020, there are different programs available to taxpayers as a response to COVID-19. Below are summaries of the programs available:

Topics: brixey and meyer, ohio, Tax, Tax Team, Coronavirus, Programs

During a press briefing on March 17, Treasury Secretary Steven Mnuchin announced that certain 2019 tax payments can be deferred until July 15th. 

Topics: brixey and meyer, ohio, Tax, Tax Team, 2019, Deferred Tax Payments, Coronavirus