The Wise CPA

10/21/2022

Have you completed your Tax Planning? Just in case you haven't here are the 2022 Key Tax Numbers!

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09/18/2021

The IRS issued its annual update Friday of special per-diem rates for substantiating ordinary and necessary business expenses incurred while traveling away from home (Notice 2021-52).

The new rates are in effect from Oct. 1, 2021, to Sept. 30, 2022. Specifically, they are the special per-diem rates, including the transportation industry meal and incidental expenses rates; the rate for the incidental-expenses-only deduction; and the rates and list of high-cost localities for purposes of the high-low substantiation method.

The updated rates are effective for per-diem allowances paid to any employee on or after Oct. 1, 2021, for travel away from home on or after that date, and supersede the rates in Notice 2020-71, which provided the rates for Oct. 1, 2020, through Sept. 30, 2021.

Rev. Proc. 2019-48 provided general rules for using a federal per-diem rate to substantiate the amount of ordinary and necessary expenses for lodging, meals, and incidental costs paid or incurred for business-related travel away from home.

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09/17/2021

Roth conversions: The proposal would eliminate Roth conversions for both IRAs and employer-sponsored plans for single taxpayers (or taxpayers married filing separately) with taxable income over $400,000, married taxpayers filing jointly with taxable income over $450,000, and heads of household with taxable income over $425,000 (all indexed for inflation).

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08/29/2021

You may maintain both a traditional IRA and a Roth IRA, as long as your total contribution doesn't exceed the Internal Revenue Service (IRS) limits for any given year, and you meet certain other eligibility requirements.

The IRS limit for both 2020 and 2021 is $6,000 for both the traditional and the Roth IRA combined. If you're aged 50 or older, a catch-up provision allows you to put in an additional $1,000, for a combined total of $7,000.

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08/12/2021

What’s your why? I figured I would share my motivation. This is why I’m so passionate about financial literacy and leaving an legacy. Welcome to my journey. We are about to ramp up the brand!

08/09/2021

Greetings Family,

AVOID PROBATE!

The topic of estate planning can be a difficult one, but not as difficult as the situation your loved ones may be left in if you don’t have an estate plan in place.

What you should know:

-Estate planning is becoming less prevalent overall: The number of adult Americans that have a will or another type of estate planning document decreased by nearly 25% since 2017.

-Older adults are less likely to have a will: The number of older and middle-aged adults with estate planning documents dropped by 20% and 25% since 2019, respectively.

-A growing number of people lack the knowledge and resources to get a will: This is especially true among the Black community.

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08/08/2021

Greetings Family,

Although estate planning is very important, it can also be difficult and unpleasant, causing people to put off the task.

The topic of estate planning can be a difficult one, but not as difficult as the situation your loved ones may be left in if you don’t have an estate plan in place.

These ”3 Essentials of Generational Wealth are very inexpensive and are must-haves. There are others but these 3 will get you started.

What you should know:

-Estate planning is becoming less prevalent overall: The number of adult Americans that have a will or another type of estate planning document decreased by nearly 25% since 2017.

-Older adults are less likely to have a will: The number of older and middle-aged adults with estate planning documents dropped by 20% and 25% since 2019, respectively.

-A growing number of people lack the knowledge and resources to get a will: This is especially true among the Black community.

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