Will the standard business mileage rate go up in 2022? Yes!
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 58.5 cents. The increased tax deduction partly reflects the price of gas. On Dec. 21, the national average price of a gallon of regular gas was $3.29, compared with $2.22 a year earlier, according to AAA Gas Prices. This mileage rate is useful if you don’t want to keep track of actual vehicle-related expenses. But you still must record certain information, such as the mileage, date and destination for each trip.
The fundamentals of a solid salesperson
As your business heads into 2022, think about whether your sales staff is up to the challenge of meeting the strategic objectives you have set. Does each member have the fundamentals of a solid salesperson? For starters, look at whether someone is a natural or needs additional or specialized training. A sales aptitude test can help. Identify the most valuable sales tactics of your top sellers and share those approaches with the rest of the staff through ongoing training. Finally, sales is a results-oriented profession. Assess your staffers’ respective success using carefully chosen metrics. We can help you set sales goals and accurately measure progress throughout the year.
There’s a deduction for student loan interest … but do you qualify for it?
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct each year is $2,500. Unfortunately, the deduction is phased out if your […]
2022 Q1 tax calendar: Key deadlines for businesses and other employers
Here are a few key tax-related deadlines for businesses during Q1 of 2022. JAN. 17: Pay the final installment of 2021 estimated tax. JAN. 31: File 2021 Forms W-2 with the Social Security Administration and provide copies to employees. Also provide copies of 2021 Forms 1099-MISC to recipients and, if reporting nonemployee compensation in Box 7, file, too. FEB. 28: File 2021 Forms 1099-MISC if not required earlier and paper filing. MARCH 15: If a calendar-year partnership or S corp., file or extend your 2021 tax return. Contact us to learn more about filing requirements and ensure you’re meeting all applicable deadlines.
Providing a company car? Here’s how taxes are handled
The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) For tax deduction purposes, a business will treat the car much the same way it would any other business asset. Providing an auto for an owner or key employee comes with complications and paperwork. Personal use will have to be tracked and valued under the fringe benefit tax rules and treated as income. We can help you stay in compliance with the rules and explain more about this prized perk.
Stock market investors: Year-end tax strategies to consider
Year-end is a good time to plan to save taxes by structuring your capital gains and losses. Consider some possibilities. For example, suppose you lost money this year on some stock and have other stock that has appreciated. Consider selling appreciated assets before Dec. 31 (if you think the value has peaked) and offset gains with losses. Long-term capital losses offset long-term capital gains before they offset short-term gains. Similarly, short-term capital losses offset short-term capital gains before they offset long-term gains. You may generally use up to $3,000 of capital losses in excess of total capital gains as a deduction against ordinary income in computing adjusted gross income.
Helping your employees make the most of email
For many people, email has become an afterthought. This can cause problems for businesses in lost productivity, lower morale and even unhappy customers. Here are some email management tips to address with staff: 1) Set up project-specific folders to stay better organized. 2) Regularly check junk email folders and adjust the filters so legitimate messages aren’t missed. 3) Encourage employees to unsubscribe from e-newsletters and other messages they’re no longer reading. 4) Refine distribution lists to better target recipients; delete obsolete lists. 5) Establish specified times during the workday to check email. 6) Consider company policies for how quickly employees should respond to emails.
Website Strategies for Keeping Renters Engaged
How the virtual front door keeps prospects’ attention and converts leads to leases. From cinematic videos to chatbots, website design provides multifamily marketers with a myriad of features. But the primary goal of any apartment website is to welcome prospects and engage them with the brand—an important part of the lead-to-lease conversion process. “Our websites serve […]
How Multifamily Properties Are Rebooting Best Practices
Five industry leaders share COVID-inspired strategies that have staying power. Never let a crisis go to waste: Such was the sage advice of Winston Churchill more than 75 years ago. Today, that could be the mantra of many COVID-tested multifamily executives. Managing through the pandemic has posed formidable challenges, but it has also prompted the […]
Ways to Strategically and Effectively Manage (Increase) Your Self-Storage Rental Rates
Managing (primarily raising) rental rates is a necessary part of any thriving self-storage operation, but it takes finesse. Here are some tips that’ll help you adjust your street and existing-tenant rates strategically and effectively.
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