Income Calculations

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...

SSA Announces 5.9% Benefit Increase for 2022

November 11, 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 11, 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 PIH, HOPWA Don’t Count $400 Extra Unemployment Benefit as Income

November 12, 2020    

HUD’s Office of Public and Indian Housing (PIH) and HUD’s Office of Community Planning and Development (CPD) recently clarified that public housing agencies (PHAs) and the Housing Opportunities for Persons with AIDS (HOPWA) program will exclude the $400 per week unemployment benefit...

SSA Announces 2021 COLA Increase of 1.3%

November 12, 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...

How to Treat CARES Act’s Changes to Unemployment Benefits

August 11, 2020    

Since the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted in March, millions of unemployed workers have claimed unemployment benefits that were more generous than they normally would’ve received, including those who would’ve received no benefits at all. The...

CARES Act Changes Required Minimum Distribution Rules for 2020

May 1, 2020    

Senior citizens who apply to or already live at your site may have income from certain types of retirement plans. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for a temporary waiver of required minimum distributions (RMDs) that would otherwise be payable in 2020 for...

Use Same HUD Passbook Savings Rate Despite Fed Rate Cut

March 30, 2020    

Recently, the Federal Reserve Bank cut its benchmark federal funds rate by 1 percent in an effort to stimulate the economy as it takes a major hit from the coronavirus pandemic. The decrease was the central bank’s second emergency rate cut in a month.

When the Fed cuts interest...

Keep 2020 Mileage Rates in Mind When Deducting Medical Expenses

January 29, 2020    

Some of your households may have unreimbursed medical expenses that include travel expenses to and from treatment. And if any of these households are classified as elderly or disabled, HUD permits a medical expense deduction to be used to calculate their adjusted annual income. So be sure these...

SSA Announces 2020 COLA Increase of 1.6 Percent

October 29, 2019    

The Social Security Administration recently announced that the Social Security and Supplemental Security Income (SSI) benefits will increase 1.6 percent in 2020. The 1.6 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 63 million Social Security...