by PSA CPA | Jan 1, 2023 |
Excise tax is a type of indirect tax levied on specified commodities, services, or activities. Gas, flight tickets, large trucks and highway tractors, indoor tanning, tires, cigarettes, and other commodities and services are often subject to a federal excise tax. This...
by PSA CPA | Jan 1, 2023 |
In general, revenue from renting a vacation house for 15 days or more has to be recorded on Schedule E, Supplemental Income and Loss, on your tax return. You should also be aware that the term “vacation home” does not always refer to a dwelling. The IRS considers...
by PSA CPA | Dec 23, 2022 |
With many companies enduring a tight labor market, employers should be aware of a useful tax credit available to them for employing long-term unemployed individuals and other categories of employees who face major employment impediments. If your company is currently...
by PSA CPA | Dec 1, 2022 |
Here’s what company owners should know about 2022 tax legislation Standard Mileage Rates Because of inflation, there were 2 standard mileage rates in 2022: 62.5 cents per business mile driven (July 1-December 31, 2022) and 58.5 per business mile driven (January 1-June...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…