FL - Guidance provided on change in application process for child care tax credit
Beginning October 1, 2024, taxpayers that wish to participate in the child care tax credit program must apply to the […]
Read MoreThe IRS released the optional standard mileage rates for 2023. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes. Some members of the military may also use these rates to compute their moving expense deductions.
The standard mileage rates for 2023 are:
Taxpayers may use these rates, instead of their actual expenses, to calculate their deductions for business, medical, or charitable use of their own vehicles.
For purposes of the fixed and variable rate (FAVR) allowance, the maximum standard automobile cost for vehicles places in service after 2021 is:
Employers can use a FAVR allowance to reimburse employees who use their own vehicles for the employer’s business.
The standard mileage rate for the moving expense deduction is 22 cents per mile. To claim this deduction, the taxpayer must be a member of the Armed Forces of the United States, on active military duty, and moving under an military order and incident to a permanent change of station. The Tax Cuts and Jobs Act of 2017 suspended the moving expense deduction for all other taxpayers until 2026.
For most taxpayers, the Tax Cuts and Jobs Act suspended the miscellaneous itemized deduction for unreimbursed employee travel expenses. However, certain taxpayers may still claim an above-the-line deduction for these expenses. These taxpayers include members of a reserve component of the U.S. Armed Forces, state or local government officials paid on a fee basis, and performing artists with relatively low incomes.
Beginning October 1, 2024, taxpayers that wish to participate in the child care tax credit program must apply to the […]
Read MoreThe IRS has reminded businesses that starting in tax year 2023 changes under the SECURE 2.0 Act may affect the […]
Read MoreThe IRS and the Security Summit concluded their eight-week summer awareness campaign by urging tax professionals to implement stronger security […]
Read MoreThe IRS has reminded employers that educational assistance programs can be used to help employees pay off student loans until […]
Read MoreThe IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage […]
Read MoreThe IRS has urged taxpayers to conduct an end-of-summer tax checkup to avoid unexpected tax bills in the upcoming year. […]
Read MoreHillsborough County residents and non-residents who can verify taxable expenditures with receipts or other documentation will receive compensation equal to […]
Read MoreThe IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
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