Stortz & Associates

Stortz & Associates Whether you are dreaming of a better business, or a better life, you want an organization to help you The path to a better business and a better life

Happy Memorial Day from the Stortz Team! Please be aware that we'll be closed Monday in observance of the holiday.
05/25/2026

Happy Memorial Day from the Stortz Team! Please be aware that we'll be closed Monday in observance of the holiday.

Tax Tip Tuesday: 2026 Mileage RatesIf you drive a vehicle for your business, you may deduct the expenses you incur for u...
05/12/2026

Tax Tip Tuesday: 2026 Mileage Rates

If you drive a vehicle for your business, you may deduct the expenses you incur for using it. To make it easier to calculate those expenses, the IRS provides mileage rates. You can multiply the applicable mileage rate by the miles you’ve driven to get the amount you would deduct.

You can use the following rates for miles you’ve driven in 2026:

• 72.5 cents per mile for business purposes, an increase from 70 cents last year
• 20.5 cents per mile for medical purposes, a decrease from 21 cents last year
• 20.5 cents per mile for active-duty members of the armed forces’ moving purposes, a decrease from 21 cents last year
• 14 cents per mile for charitable purposes. This rate remains the same each year.

The IRS calculates new mileage rates yearly. They determine the business rate from the fixed and variable costs of using an automobile. For the medical and moving rate, they use only the variable costs. The charitable rate remains at 14 cents each year, as it was set by statute.

You may opt to calculate the deduction with your actual expenses instead of the standard rates. If you do want to use the standard business rate for an automobile you own, you’ll need to choose the standard rate for the first year you use the automobile for business. If you want to use the standard rates for a leased automobile, you’ll need to use them for the duration of the lease.

Typically, you can’t deduct your personal travel expenses as an employee. Some exceptions apply, like teachers whose travel may qualify for the educator expense deduction. Most taxpayers also can’t deduct moving expenses. Active-duty members of the armed forces may do so when moving to a permanent change of station.

If you have any questions about deducting your vehicle use, please contact us at Stortz & Associates. We’ll be happy to help.

Source: https://www.journalofaccountancy.com/news/2026/jan/business-standard-mileage-rate-increases-for-2026/, IRS IR-2025-128, IRS Topic no. 510

(Please be aware that this post is for informational purposes only and should not be considered tax advice. Anything contained in the body of this post was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. Contact our office for specific questions regarding this or any other tax-related concerns.)

Read Stortz & Associates' May newsletter! You can catch up on informative tax and financial articles at https://dstortz....
05/05/2026

Read Stortz & Associates' May newsletter! You can catch up on informative tax and financial articles at https://dstortz.com/news/.

Please be aware that our office will be closed Friday, April 17th. We will reopen for normal business hours on Monday, A...
04/16/2026

Please be aware that our office will be closed Friday, April 17th. We will reopen for normal business hours on Monday, April 20th. Thank you for your understanding!

Please be aware that our office will be closed for the afternoon of Wednesday, April 15th. We will reopen for normal bus...
04/13/2026

Please be aware that our office will be closed for the afternoon of Wednesday, April 15th. We will reopen for normal business hours on Thursday, April 16th.

Later this week, we will be closed for the day of Friday, April 17th. Thank you for your understanding!

It's almost time to "Spring forward!" Daylight Savings Time begins this Sunday. 🌸
03/05/2026

It's almost time to "Spring forward!" Daylight Savings Time begins this Sunday. 🌸

Tax Tip Tuesday: Retirement Plan Contribution Limits for 2026Retirement plans like 401(k) plans have limits on the amoun...
02/17/2026

Tax Tip Tuesday: Retirement Plan Contribution Limits for 2026

Retirement plans like 401(k) plans have limits on the amount of money you can contribute to them in a year. These limits can increase each year to account for increases in the cost of living. In 2026, you can contribute:

• $24,500 to 401(k), 403(b), and governmental 457 plans, an increase of $1,000 from last year
• $7,500 to IRAs, an increase of $500 from last year
• $17,000 to most SIMPLE plans, an increase of $500 from last year

As you approach retirement, catch-up contributions can help you save more money. Once you reach age 50 and over, they allow you to put in more than the standard contribution limit. The SECURE 2.0 Act also added a higher catch-up contribution limit for employees ages 60 through 63. In 2026, you can make catch-up contributions of:

• $8,000 to 401(k), 403(b), and governmental 457 plans, an increase of $500 from last year
• $11,250 when aged 60 through 63 to 401(k), 403(b), and governmental 457 plans
• $1,100 to IRAs, an increase of $100 from last year
• $4,000 to SIMPLE plans, an increase of $500 from last year
• $5,250 when aged 60 through 63 to SIMPLE plans

In some cases, you may deduct IRA contributions from your taxes. The amount you can deduct may phase out within certain income ranges if you or your spouse also have a retirement plan through work. The deduction doesn’t phase out if you or your spouse don’t have a workplace retirement plan.

If you have any questions about contributing to your retirement account, feel free to contact us at Stortz & Associates. We’ll be happy to help.

Source: IRS IR-2025-111

(Please be aware that this post is for informational purposes only and should not be considered tax advice. Anything contained in the body of this post was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. Contact our office for specific questions regarding this or any other tax-related concerns.)

Address

3775 Chestnut Street
Emmaus, PA
18049

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 12pm

Telephone

(610) 967-4711

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