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​The Internal Revenue Service issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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As the new tax season quickly approaches, we all want to make sure that we pay as little in taxes as possible when we file.  With this in mind, now is the perfect time to be able to make any last minute adjustments.
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Ahead of the Veterans Day holiday the IRS has published a list of tax resources available for members of the military. These include a dedicated IRS webpage with helpful resources. There are also specific IRS publications for military members. 
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S corporations in New Hampshire are generally created from an LLC that chooses to file as an S corporation under the “check the box” regulations. While there is a litany of benefits to forming your S corporation with an LLC, from preferential treatment under NH I&D taxes to charging order protection, there are a couple of traps that you need to look out for that may make your S election entirely invalid, even if you are otherwise operating your business in a compliant manor.
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Over the summer the Inflation Reduction Act (oxymoron anyone?) was passed by Congress and signed into law by President Biden.  Although most of the provisions affect Business taxpayers, there are some items of interest to the individual taxpayer.