Many small business owners use the standard mileage deduction in order to calculate deductible expenses. For the tax year 2022, the standard mileage rate changed mid-year and as a result, we will need your business miles split into the corresponding time frames:

• January 1 to June 30, 2022 – 58.5 cents per mile driven for business purposes

A brief summary of significant Iowa individual income tax changes taking effect for tax year 2023 follows:

• Tax rate – the highest individual income tax rate will decrease from 8.53% for the 2022 tax year to 6.0% for the 2023 tax year. The individual income tax rates will continue to decrease in subsequent years until the 3.9% flat tax rate will take effect for the 2026 tax year.

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Original Article Source Credits: Iowa.gov, https://governor.iowa.gov/

Article Written By: NA

Original Article Posted on: NA

Link to Original Article: https://governor.iowa.gov/basic-page/cutting-taxes-for-all-iowans

As an individual or business owner, you are likely to at some point need assistance in managing your accounts and maintaining your books. Additionally, filing your taxes can be cumbersome depending on the size and scale of your business and require professional tax preparation assistance. If you’re in need of accounting or tax assistance, you need the services of a CPA (Certified Public Accountant). CPA is a designation provided to licensed accounting professionals in the United States, allowing them to provide accounting services to the public. CPA firms provide accounting, auditing, financial, and consulting services to non-profit, private, and public businesses.

I’m Eric Gogerty, the proud owner of Gogerty & Associates PLC.

I look forward to sharing my story. I hope that you will enjoy getting to know me better.

Gogerty & Associates PLC wishes you and your family a happy and safe holiday season, and all the best for the New Year 2022!

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