We help you move your business forward
We help you look to the future while managing the present
"If you want to lift yourself up, lift up someone else." - Booker T. Washington
Joyce A. Herr, CPA, LLC is a full service accounting and tax firm specializing in business consulting, accounting, bookkeeping, tax and payroll services for businesses of any size, tribal councils, native corporations, small city governments and not-for-profits. I can save you time, money and ensure your organization has accurate records in order for you to manage efficiently.
I also offer a variety of tax services including planning and preparation of returns for individuals, corporations, partnerships, fiduciaries and tax-exempt entities.
My website details a full range of services, contact information and a company profile, so click around and stay for a while! But don't hesitate to e-mail me to schedule an appointment; your initial consultation is free.
FEDERAL STUDENT LOAN DEBT RELIEF: The Supreme Court ruled against the federal student loan debt relief. Other programs have been proposed but none apply to everyone. Interest will resume on federal student loans beginning September 1, 2023 and payments will resume on October 1, 2023. Please contact me if you would like to discuss possible student loan payment and/or forgiveness options.
The 2022 PERMANENT FUND DIVIDEND was $3,284 but only $2,621.81 is taxable. The IRS announced on 2/10/2023 that the $662.19 Energy Relief/Resource Rebate paid with the 2022 Permanent Fund Dividend is not taxable. If you haven't filed your return, you will need to decrease the amount claimed for the Permanent Fund Dividend. If you have already filed your return, you will need to file an amended return to claim the refund for the non-taxable portion of the payment. For help with filing an original or amended return, e-mail my office.
Even with the smaller taxable amount, children will have to pay taxes on their dividend. Children can be included on the parents' return if they only have non W-2 income (the permanent fund, interest on savings accounts and dividends/capital gains on investment accounts, etc.). If they have W-2 wages, they have to file their own return but parents can still claim them as dependents. Since children will have more than $2,200 in non W-2 income, it may be better for them to file their own return. Non W-2 income over $2,200 will be taxed at the parents’ rate. If it’s included on the parents’ return, it is taxed as Other Income on the parents' Form 1040 and can decrease some credits as the Earned Income Credit. For help with determining the best way to report their income, e-mail my office.
Alaska's minimum wage increases to $10.85 for 2023. It will be adjusted every year for inflation with the new rate being effective on January 1 of each year.
STANDARD MILEAGE RATES FOR 2023:
65.5 cents per mile for business miles driven
22 cents per mile for medical or moving miles driven
14 cents per mile driven for charitable purposes
STANDARD MILEAGE RATES FOR 7/1/22 - 12/31/22:
62.5 cents per mile for business miles driven
22 cents per mile for medical or moving miles driven
14 cents per mile driven for charitable purposes
STANDARD MILEAGE RATES FOR 1/1/2022 - 6/30/2022:
58.5 cents per mile for business miles driven
18 cents per mile for medical or moving miles driven
14 cents per mile driven for charitable purposes
Do you use Venmo, PayPal or other money transfer apps?
Beginning in 2023, if you receive more than $600 per year from any entity, it's going to be reported to the IRS on Form 1099-K. Keep track of these deposits and note what they were for. If you can't explain WHY you received these funds to the IRS, they will be considered taxable income. The change was originally scheduled for 2022 but has been postponed for a year to allow the payment processors time to update their systems.
Be sure to come back often and see what's new -
I'll be updating this site on a regular basis as new tax
laws become effective.
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