Increased Mileage Rates for 2023
Beginning January 1, 2023 the standard mileage rates are: Subscribe today to never miss a post!
Morgan Zimbelman, EA
Morgan graduated in 2013 with a bachelor's degree in Accounting from the University of Northern Iowa. She attained her EA (Enrolled Agent) certification in 2016. As an EA with 10+ years of experience, she spends the majority of her time on corporate and individual tax returns, incorporations, and bookkeeping. Morgan is also a certified QuickBooks® ProAdvisor.
2022-2023 Per Diem Rate for Truckers
Notice 2022-44 released the 2022-2023 special per diem rates for those in the transportation industry to be effective as of October 1, 2022. The new meal and incidental expenses (M&IE) rates for truckers is $69. This rate increased $3 from…
Increased Mileage Rates for Remainder of 2022
Due to the rise in fuel prices, the IRS issued an increase in standard mileage rates for the second half of the year. Effective from July 1, 2022 through December 31, 2022: 62.5 cents per mile for business miles driven…
Increased Mileage Rates for 2022
Beginning January 1, 2022 the standard mileage rates are: 58.5 cents per mile for business miles driven (up from 56 cents in 2021) 18 cents per mile for medical or moving purposes (up from 16 cents in 2021) 14 cents…
Iowa Restaurant and Bar Relief Grant Program
The Iowa Restaurant and Bar Relief Program will provide financial relief to some of the most impacted businesses during the COVID-19 pandemic, restaurants and bars. Eligible businesses must show a decrease in gross sales of at least 15% during the…
Decreased Mileage Rates for 2021
Beginning January 1, 2021 the standard mileage rates are: 56 cents per mile for business miles driven (down from 57.5 cents in 2020) 16 cents per mile for medical or moving purposes (down from 17 cents in 2021) 14 cents…
Tip Credit
Certain food and beverage establishments are able to claim a credit for social security and Medicare taxes paid or incurred by the employer on certain employees’ tips. The following criteria must be met to claim the credit: Have had employees…
Increased Social Security Wage Base
The Social Security Administration (SSA) announced that the wage base for Social Security will increase from $132,900 to $137,700 for 2020. This is an increase of $4,800. If employers and employees exceed this wage base they will be paying an…
Decreased Mileage Rates for 2020
Beginning January 1, 2020 the standard mileage rates are: 57.5 cents per mile for business miles driven (down from 58 cents in 2019) 17 cents per mile for medical or moving purposes (down from 20 cents in 2019) 14 cents…
Per Diem Rate for Truckers
Notice 2019-55 released the 2019-2020 special per diem rates for those in the transportation industry to be effective as of October 1, 2019. The new meal and incidental expenses (M&IE) rates for truckers is $66 per day. This is the…