Deducting Business Expenses: Separating Fact From Myth

When you’re filing your tax returns, what expenses can you deduct from business income? It’s a complex question. To start with, a business expense must be both ordinary and necessary to be deductible, according to the IRS. An ordinary expense is one that’s common and accepted in your trade or business. A necessary expense is…

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Payroll Tax Rates and Contribution Limits for 2022

Below are federal payroll tax rates and benefits contribution limits for 2022. Social Security tax In 2022, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2021. The Social Security wage base is $147,000 for employers and employees, increasing from $142,800 in 2021. Self-employed people must pay 12.4% on the first $147,000. Medicare tax In…

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Tips to Prevent Your Email from Being Hacked

It’s not a secret that hackers would like to get into your email so they can have access to data they can monetize. These attempts are made easier because so many people use the same passwords for all of their accounts. As a result, getting into one account is likely to give hackers access to…

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IRS Announces Mileage Rates for 2022

The IRS has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 58.5 cents per mile driven…

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IRS Presents Filing Tips for 2022

The IRS is encouraging taxpayers to make sure they’re well-informed about their tax situation as the filing deadline approaches. The key topics include special steps related to charitable contributions, economic impact payments and advance child tax credit payments. Here are some key items for taxpayers to know before they file next year. Changes to the…

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Welcome to the Newsletter for Fritz & Company

Welcome to the first issue of our e-newsletter. We will send our newsletter out each month. Please let us know if you do not receive it by writing to: fritz@fritzandco.com. Each issue will contain valuable information that can help you manage your business and personal finances more effectively and profitably. Subjects will include tax planning and…

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