Many industry experts tout health savings accounts as a smart way for employees to save for medical expenses, even in retirement, citing their triple tax benefits: Contributions are made pretax, the money in the accounts grows tax-free and withdrawals for qualified medical expenses are tax-free. The IRS released the HSA and high-deductible health plan figures for 2027. The … [Read more...]
IRS increases mileage rate for remainder of 2022
For the final six months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective January 1. The new rate becomes effective July 1, 2022. Source: IRS, June 9, 2022. Link. The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices." - Chuck Rettig, IRS Commissioner … [Read more...]