ProntoPro Advisors

Get ready, because tax season is here, and it's shaping up to be quite the rollercoaster ride! The IRS and tax pros are bracing for any last-minute twists in the tax laws.

On the bright side, bipartisan efforts are in full swing to bring back some much-needed tax breaks. We're talking about increased Child Tax Credits, research and development write-offs, interest expensing, bonus depreciation, an enhanced Low Income Housing Tax Credit and more.

With uncertainties still lingering, there could be some bumps along the way. However, with bipartisan support gaining momentum, there's hope that the bill will make it through, even if it means navigating through a few processing hiccups.

Feeling a bit lost in the tax maze? Don't worry! Make sure to reach out to a trusted tax advisor to help you navigate these changes like a pro.

Updated Mileage Rates for 2023

🔹 Business use: 65.5 cents per mile (up 3 cents from last year)

🔹 Medical and Moving (qualified active-duty members only): 22 cents per mile

🔹 Charitable organizations: 14 cents per mile

Due to the Tax Cuts and Jobs Act, there are no miscellaneous deductions for unreimbursed employee travel expenses.

The IRS also announced the business use rate for 2024 has increased to 67 cents per mile.

Stay informed for precise expense tracking!