Income Calculations

HUD Aims to Revise How It Calculates Income Limits

February 13, 2024    

Income limit increases to be capped at 10 percent.

 

On Jan. 10, HUD published a notice on changes the agency is intending to implement to the methodology used for calculating Section 8 income limits. HUD publishes these income limits each year based on changes to each...

IRS Increases Standard Mileage Rates for 2024

January 12, 2024    

We review how to anticipate 2024 income with deductions for business or medical use of a car.

 

 

The IRS recently issued Notice 24-08, which contains the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business,...

SSA Announces Modest Cost-of-Living Adjustment for 2024

November 13, 2023    

The Social Security Administration (SSA) recently announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 71 million Americans will increase 3.2 percent in 2024. The cost-of-living adjustment (COLA) will begin with benefits payable to more than 66...

HUD Issues Income Limits for Fiscal Year 2023

June 15, 2023    

The average increase across all areas was 5.45 percent.

 

On May 15, HUD issued the fiscal year 2023 income limits that determine eligibility for various HUD-assisted housing programs, including the Public Housing, Section 8 Project-Based, Section 8 Housing Choice Voucher,...

Do Community Solar Benefits Distributed to Households Count for Annual Income?

June 15, 2023    

HUD’s Office of Multifamily Housing recently issued a memo on the treatment of solar benefits for residents in master-metered buildings that use community or rooftop solar power. The guidance addresses how building owners can distribute the financial benefits of community or rooftop solar...

How the SECURE 2.0 Act Impacts Retirement Account Withdrawals

February 13, 2023    

Personal retirement accounts can be tricky to navigate when completing income certifications. They can be considered assets or income depending on if the resident has access to the retirement account funds and if distributions are regular and periodic or sporadic. Generally, when the regular...

IRS Boosts Business Standard Mileage Rates for 2023

February 13, 2023    

The IRS recently issued Notice 23-03, which contains the 2023 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

Last year, the IRS made a rare midyear mileage rate adjustment in June as a way to...

SSA Announces 8.7% Benefit Increase for 2023

November 14, 2022    

The Social Security Administration (SSA) recently announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023.

Adjusted Annual Income: Understanding the Medical Expense Deduction

October 18, 2022    

One of the biggest challenges for owners and managers when it comes to calculating rent for HUD-assisted sites is determining the appropriate medical deduction for eligible households. Every household spends some of its income on health-related expenses, but not all households and not all...

IRS Increases Standard Mileage Rate for Remainder of 2022

July 14, 2022    

As of July 1, the standard mileage rate used to deduct eligible business trips in a vehicle on tax returns increased by 4 cents, to 62.5 cents per mile. And the new rate for mileage to and from medical treatment for residents is 22 cents. These new rates apply to trips during the second half of...

HUD Issues Income Limits for Fiscal Year 2022

May 11, 2022    

On April 18, HUD issued the fiscal year 2022 income limits that determine eligibility for various HUD-assisted housing programs including the Public Housing, Section 8 Project-Based, Section 8 Housing Choice Voucher, Section 202 Housing for the Elderly, and Section 811 Housing for Persons with...

Apply IRS Mileage Rate When Deducting Medical and Business Driving Expenses

January 14, 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...