President Biden signed the Inflation Reduction Act into law at a White House ceremony on August 16, finalizing a legislation intended to address inflation by paying down the national debt, lower consumer energy costs, provide incentives for the production of clean energy, and reduce healthcare costs. The bill moved through the legislative process in near-record Read More…
On Sunday, August 7, 2022, the Senate cleared the amended bill referred to as, The Inflation Reduction Act, for passage with a 51-50 vote, with all Democrats voting in favor, and Vice President Kamala Harris breaking the tie in favor. The bill now awaits passage by the House, which is set to convene on August 12, 2022 Read More…
On June 22, Governor Phil Murphy, Senate President Nicholas Scutari and Assembly Speaker Craig Coughlin announced that they have reached an agreement on a back-to-school sales tax holiday. The plan is part of the Year 2023 Budget. The sales tax holiday which will take place from Aug. 27 to Sept. 5, 2022 and will treat Read More…
Effective July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will be 62.5 cents per mile – the highest rate the IRS has ever published—up 4 cents from the 58.5 cents per mile rate effective for the first six months of the year. The new rate for Read More…
Many tax rates are inflation adjusted each year. The IRS recently announced 2019 inflation adjusted amounts. Here are some of the key changes from 2018 to 2019: Cents per mile for business mileage- 54.5 cents to 58 cents Cents per mile for medical mileage- 18 cents to 20 cents Annual IRA contribution limit – $5,500 Read More…
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