Doreen Creel-Wood Accounting, Inc.
Saving Small Business Owners Money Everyday! What we do, We offer CUSTOMIZED solutions to small busi
New Tax Credit Rules for a Clean Vehicle Purchase in 2024 - Did You Know?
Starting January 1, 2024, buyers of new and used electric (EV), plug-in hybrid (PHEV) and fuel cell vehicles may be able to transfer the Clean Vehicle Credit to a car dealer in exchange for a lower price. These new tax credit rules will make clean vehicles affordable for a wider range of taxpayers, who previously had to wait until the next tax filing season to get the benefit of the credit.
The amount of the Clean Vehicle Credit depends on a variety of factors, including battery size and the origin of critical components. The maximum credit is $4,000 for used vehicles and $7,500 for new vehicles. You can find a complete list of EVs, PHEVs and fuel cell vehicles that qualify for the credit at the U.S. Dept. of Energy website (link below). If you transfer a Clean Vehicle Credit to a dealer, the dealer must provide a financial benefit equal to the credit amount, such as a price reduction.
For both new and used vehicles, the Clean Vehicle Credit is subject to income limits. A tax professional can help you determine whether you qualify for the credit, and what the credit amount might be for a particular vehicle.
Search for Eligible Clean Vehicles: https://fueleconomy.gov/feg/tax2023.shtml
Reminder: Q4 estimated tax payment is due Tuesday, January 16, 2023.
Reminder: Fourth Quarter Estimated Taxes Now Due - Now is the time to make your estimated tax payment Plan now to make your 4th quarter estimated tax payment.
HAD A NEW BABY?! Don't forget Birth Certs, Social Security Cards, and something with your address and the babies name on it.... like health insurance docs or daycare docs, or medical bills. We not only have to prove you had them, we have to prove they live with you. 😜🤯
Great tips to make your tax filing hassle free!
Client Update Newsletter: January 2024 A new year means filing your 2023 tax return is right around the corner! With tax documents such as W-2s and 1099s arriving soon in your inbox and mailbox, this month’s newsletter has some tips to help stay organized this tax season. This will help you file your tax return (and potentially get...
Delayed Implementation of New 1099-K Rules – Did You Know?
Under a new rule enacted in 2021, third-party payment processors must issue a Form 1099-K to any individual who receives $600 or more in payments for goods or services during a year. However, IRS officials have noted that this rule could potentially cause widespread confusion, since many transactions completed through online payment platforms have no tax impacts. Examples of non-taxable transactions include settling up with friends and selling used personal items.
Therefore, the IRS will not enforce the new rules for tax year 2023. Instead, third-party payment processors may operate under the prior rules, only sending 1099-K forms to users who received over $20,000 in payments through over 200 transactions. In addition, 2024 will serve as a phase-in year, with the 1099-K reporting threshold set at $5,000.
Regardless of 1099 reporting rules, payments received through third-party platforms for self-employment activities or selling goods for profit are generally taxable income. A tax professional can help you properly report your 2023 income, and prepare for the future implementation of a lower threshold for 1099-K forms.
Tis the SEASON...... W2 season that is! Ya'll give Kim some room to work! Please don't ask about your w2's, I can promise you if you do, BAD things HAPPEN in this office.. HAHAHAHA. Please don't make Kim hurt us........ 😂🙃 ...
Happy new year! Here are some tax ideas to get you started right.
Great Tax Tips to Start the New Year - yes, really some tax tips The holiday season is over and the new year is upon us. Why not consider starting the year with some tax smart ideas.
Preparing for Tax Filing Season
A new year and filing season for 2023 tax returns will soon be upon us. A little advance preparation can help prevent stressful tax time surprises. Here are some reminders of important steps you can take now to set yourself up for a more worry-free tax filing:
- Do one last withholding checkup. Time is running out to adjust your paycheck withholding to make sure you have paid enough tax throughout 2023. You can use the IRS Withholding Estimator tool (link below) to make sure your numbers are on track.
- If your name changed in 2023, report the change to the Social Security Administration (link below) as soon as possible.
- Locate your bank account information, including both your account number and the bank routing number, so you can receive your tax refund by direct deposit.
- Watch for year-end income statements, especially in late January and early February. These statements may include W-2 forms, along with 1099-NEC, 1099-MISC, 1099-INT, 1099-G and other 1099 forms. Note that some of these forms may come by mail, while others may be sent to you electronically. Keep all of the forms together and organized.
- Organize records for tax deductions and credits. These records may include Form 1095-A (Health Insurance Marketplace Statement), tuition statements (Form 1098-T), medical bills, mortgage interest statements, and home energy improvement or clean vehicle receipts or invoices.
IRS Withholding Estimator: https://www.irs.gov/individuals/tax-withholding-estimator
Social Security Administration (SSA): https://www.ssa.gov/
I was going to say don't be the one to ask if we can do your return early, BUT someone already asked for an appointment to DO a return last week FOR 2023 Taxes, THE YEAR ISN'T EVEN OVER YET 🥴🤣🙀🤦♀️ ...
Having a new baby or know someone who is? Here are some tax saving tips everyone should know
Babies and Children. Tax Tips Everyone Should Know - Especially parents, grandparents and relatives Babies and kids bring plenty of upheaval to the lives of parents. Thankfully they also bring some breaks parents can use to reduce their tax burden, and friends and family can help! Here are some tips everyone should know.
BE SAFE out there!
MERRY CHRISTMAS EVERYONE!
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