Tuesday, June 21, 2022

Employee Retension Credits, do you quaify?

YOU QUALIFY IF:

A governmental authority ordered your business to shut down or reduce its hours.

  • Your business fully or partially shut down during any quarter of 2020 or 2021 (starting March 12, 2020).
  • The credit applies only to the portion of the quarter(s) you were affected by the shutdown.

OR

Your business experienced a significant reduction in gross receipts.

  • For any quarter of 2020, your gross receipts were 50% or less than the same quarter in 2019

OR

  • For any quarter of 2021, your gross receipts were 80% or less than the same quarter in 2020 OR 2019

Friday, June 10, 2022

Standard Mileage Rate increase

 The standard mileage rate has been risen to 62.5 cents for the remainder of the year.

58.5¢ to 62.5¢ per mile

For the second half of 2022, the standard mileage rate for business use of an automobile will increase from 58.5¢ to 62.5¢ per mile. The rates for deductible medical travel and moving expenses for active-duty members of the military will rise from 18¢ to 22¢ per mile.