Your business mileage tax deduction just became more valuable for the rest of 2022 after a recent announcement by the IRS. Starting July 1st, the IRS’s business mileage rate is increasing by 4 cents, to 62.5 cents per mile, while the medical and moving mileage is also increasing by 4 cents, to 22 cents per…

Be aware, be prepared Inflation is upon us, and a hidden gem used by companies to combat price increases is often hidden from the unaware. It’s called shrinkflation. Here’s what you need to know about this hidden price hike and what you can do to cope with its effects. Defining shrinkflation Shrinkflation is the technique…

Our tax code contains plenty of opportunities to cut your taxes. There are also plenty of places in the tax code that could create a surprising tax bill. Here are some of the more common traps.   Home office tax surprise. If you deduct home office expenses on your tax return, you could end up with…

Time for the classic banking approach to make a comeback? For years, savings and checking accounts provided very little in the way of interest income. In our current inflationary times, however, interest rates are on the rise. What is also on the rise is the comeback of traditional banking products. Here is a review of…