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So far Nancy Hill has created 75 blog entries.

IRS Announces NEW 2022 Mileage Rates

2022-07-21T01:05:22-04:00July 1st, 2022|Taxes|

In a recent announcement, the IRS raised the standard mileage rates for travel beginning in July, 2022. Use the previously announced mileage rates for qualified travel in the first half of the year. Use the revised rates for travel in the second half of 2022. NEW Mileage rates for JULY through DECEMBER 2022 2022 [...]

Reminder: Second Quarter Estimated Taxes Are Due

2022-07-21T01:22:45-04:00June 10th, 2022|Taxes|

Now is the time to make your estimated tax payment! If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here. Due date: Wednesday, June 15, 2022 You are required to [...]

Understanding Tax Terms: Pass-through Entities

2022-07-21T01:25:17-04:00June 3rd, 2022|Taxes|

What everyone should know! Small business owners have a number of options on how to organize their business for tax purposes. And if you sell items on eBay or Esty, drive for Uber, or offer your services as a writer or programmer, you are probably considered a flow-through entity in the eyes of the [...]

3 Things to Know About Summer Job Taxes

2022-07-21T01:29:48-04:00May 20th, 2022|Taxes|

Summer brings warm weather, fun outdoor activities, and new opportunities to earn some additional income. However, taxes on seasonal income need to be handled with care, whether they're related to your child's first job or an extra income opportunity for you. Here are some tips to help you manage the taxes on your summer [...]

A Tax Nightmare on Your Horizon

2022-07-21T01:35:24-04:00May 6th, 2022|Taxes|

MUST READ if using digital payment tools or reselling tickets! A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and CashApp. It also impacts anyone using transaction platforms to buy or sell [...]

Maximizing the Tax Benefit of Charitable Deductions

2022-07-21T01:37:36-04:00April 29th, 2022|Taxes|

Your charitable contribution deductions are still a great tax savings tool, but they now require more planning. Now is a great time to look at this area as part of your tax planning exercise. Background Typically, cash and non-cash charitable donations can be deducted on an itemized return. But with the standard deduction now [...]

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