WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

 

*  Russ Fox is looking for “Nominations Due for 2023 Tax Offender of the Year” at TAXABLE TALK –
 
“To qualify, the winner has to do more than cheating on his or her taxes; he or she needed to really cheat or have committed a series of Bozo-like actions.”
 
* Kay Bell lists some “Items to add to your year-end medical FSA shopping list” at DON’T MESS WITH TAXES.
 
An employer sponsored health expense Flexible Spending Account (FSA) is “use it or lose it” in nature.  Unused funds set aside in your FSA are lost if not spent prior to the plan deadline – often December 31^st.
 
* Speaking of medical expense FSAs, the IRS reports “2024 Flexible Spending Arrangement contribution limit rises by $150”.
 
* And the “IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile, up 1.5 cents from 2023” -
 
“Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
 
67 cents per mile driven for business use, up 1.5 cents from 2023.
21 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, a decrease of 1 cent from 2023.
14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2023.
 
These rates apply to electric and hybrid-electric automobiles as well as gasoline and diesel-powered vehicles.”
 
TTFN