Income Calculations

Income Calculations

IRS Increases Standard Mileage Rate for Remainder of 2022

June 20, 2022    

Starting on July 1, the standard mileage rate used to deduct eligible business trips in a vehicle on tax returns increases by 4 cents to 62.5 cents per mile, according to the IRS. The new rate applies to trips during the second half of 2022.

Take 2 Steps to Correctly Calculate Income from Assets

May 27, 2022    

Even though HUD doesn’t administer the tax credit program, the tax credit law requires owners and managers to use the HUD rules for calculating household income at a tax credit site. As such, when certifying or recertifying housing income, you must include any income the household's...

HUD Issues 2022 Income Limits for Tax Credit Programs

April 28, 2022    

On April 18, HUD released the 2022 income limits for the Multifamily Tax Subsidy Projects (MTSP) housing programs. MTSPs, a term coined by HUD, are all Low-Income Housing Tax Credit projects under Section 42 of the Internal Revenue Code and multifamily projects funded by tax-exempt bonds under...

Apply IRS Mileage Rate When Deducting Business Driving Expenses

January 31, 2022    

On Dec. 17, 2021, the IRS issued Notice 22-03, which contains the 2022 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. The agency said it rates the standard mileage for business use based on an annual...

SSA Announces 5.9% Benefit Increase for 2022

October 29, 2021    

On Oct. 13, the Social Security Administration (SSA) announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022. This is the largest increase in 40 years.

Don't Count Unemployment Benefits and Child Tax Credit as Income

May 27, 2021    

HUD’s Office of Multifamily Housing Programs recently issued guidance regarding the treatment of unemployment benefits under the 2021 Consolidated Appropriations Act and the monthly child tax credit under the American Rescue Plan of 2021 (ARPA).

HUD Issues 2021 Income Limits for Tax Credit Programs

April 28, 2021    

On April 1, HUD released the 2021 income limits for the Multifamily Tax Subsidy Projects (MTSP) housing programs. MTSPs, a term coined by HUD, are all Low-Income Housing Tax Credit projects under Section 42 of the Internal Revenue Code and multifamily projects funded by tax-exempt bonds under...

SSA Announces 1.3 Percent COLA Increase

October 29, 2020    

The Social Security Administration recently announced that the Social Security and Supplemental Security Income (SSI) benefits will increase 1.3 percent in 2021. The 1.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security...

Four Dos & Don'ts for Calculating Income from 'Gig Economy' Jobs

June 11, 2020    

As U.S. unemployment reaches historic levels, you may see more applicants making ends meet with income from online “gig” platforms such as Instacart, Postmates, or Grubhub. These particular grocery and food delivery services have reported record demand during the pandemic and have...

CARES Act Changes Required Minimum Distribution Rules for 2020

April 15, 2020    

On March 27, the president signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) as part of the $2 trillion stimulus package intended to stabilize the economy during the devastating coronavirus pandemic. The CARES Act provides for a temporary waiver of required...

HUD Issues 2020 Income Limits for HUD and Tax Credit Programs

April 15, 2020    

HUD recently announced the 2020 income limits for the Multifamily Tax Subsidy Projects (MTSP) housing programs effective April 1, 2020. This includes sites with low-income housing tax credits and tax-exempt bond financing. HUD has also issued the income limits for the 2020 MTSP Income Averaging...

Use Same HUD Passbook Savings Rate Despite Fed Rate Cut

March 11, 2020    

On March 3, the Federal Reserve cut its federal funds rate by half a percentage point. It was the first rate cut in 2020 and came in response to the threat posed to the economy by the coronavirus.

When the Fed cuts interest rates, consumers usually earn less interest on their savings....