Frequently Asked Questions
- Married Filing Joint – $25,900
- Head of Household – $19,400
- Single / Married Filing Separately – $12,950
- $1,080,000 – and the deduction is limited for total fixed asset purchases over $2,700,000
- For 1/1/22 through 6/30/22:
- Business – 58.5 cents per mile
- Charitable – 14 cents per mile
- Medical / Moving – 18 cents per mile
- For 7/1/22 through 12/31/22:
- Business – 62.5 cents per mile
- Charitable – 14 cents per mile
- Medical / Moving – 22 cents per mile
- Yes, the IRS requires you to run all bonus checks through your payroll system. If you did not do this and are not sure what to do, give us a call, and we will help you fix it.
- 401(k)/403(b)/457(b) – $20,500 ($27,000 if 50 or older)
- IRA/Roth IRA – $6,000 ($7,000 if 50 or older) – Subject to income limitations if covered by employer retirement plan
- SIMPLE IRA – $14,000 ($17,000 if 50 or older)
- SEP – $61,000
- The Tax Cuts and Jobs Act eliminated all personal exemptions.
- 100% of qualified new and used assets
- All earned income below $19,560 will not affect your payment amount.
- If you are under full retirement age, all earned income over $19,560 will reduce your Social Security benefit $1 for every $2 earned.
- In the year you reach full retirement age, all earned income over $51,960 will reduce your Social Security benefit $1 for every $3.
- After you reach full retirement age, your Social Security payments will not be reduced by your earned income, no matter how much money you make.
- (see: Retirement Planner: Getting Benefits While Working)
- Self-only coverage – $3,650 ($4,650 if 55 or older)
- Family coverage – $7,300 ($8,300 if 55 or older)