INSIGHTS
We See Things Differently
When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.
Updates to the Standard Deduction for 2024
The IRS recently announced several important inflation-related updates for the 2024 tax year that will be applied to returns filed in 2025. Among those changes was an increase to the standard deduction. Here is a breakdown of the new standard deduction amounts for 2024.
An Overview of IRS’ Changes to the FY2024 Tax Brackets
On November 9, 2023, the IRS announced its annual inflation adjustments for the upcoming FY2024 tax year. Among the changes were several adjustments to the different income tax brackets.
Social Security Benefits for 2023: Why Americans Could See an 8% Increase
As the cost of living continues to rise, the Social Security Administration conducted its annual analysis and reported that we could see up to an 8% increase in SSA benefits for 2023.
IRS to Raise Mileage Rate for Rest of 2022
In the wake of elevated gas prices, the IRS is increasing the optional standard mileage rate for the remaining months of 2022. These rates allow businesses and self-employed workers to calculate the deductible costs of using personal vehicles for business.
