Day: December 31, 2025

The Internal Revenue Service has announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles used for medical purposes will decrease by half a cent. Optional standard mileage rates are used to calculate the deductible costs of operating vehicles for
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The Department of the Treasury and the Internal Revenue Service has issued a notice announcing upcoming regulations and providing guidance regarding Trump Accounts, which are a new type of individual retirement account (IRA) for eligible children. The Working Families Tax Cuts provides for establishing a Trump Account on behalf of every eligible child for whom
-> Continue reading Guidance on Trump Accounts Announced