WHAT'S NEW?

What's NOT new is that we LOVE our clients and being able to serve you.

Personal Tax returns will be due Tuesday, April 15, 2025.

Beneficial Owner Identification Reporting (BOI) - This reporting requirement for all LLC's, Partnerships, S-Corporations and C-Corporations has been temporarily suspended. There is an injunction in place by the courts stating that you are not legally required to file the new BOI report, until the injunction is lifted. If you filed your report already, then you do nothing else. If you have not, for whatever reason, you can still choose to do so, even though the injunction is in effect.

Be aware, though, that if the injunction is lifted, you might not have much time to file your BOI report. If a new deadline is established, your available time to prepare the report could be as short as 13 days. Be ready to act quickly by having the information needed to file gathered and ready. Pay attention to the latest developments so you will know when the courts rule that you will or will not have to file. Up to date information can be found at https://boiefiling.fincen.gov.

Secure Portals – We have used this secure portal platform for 3 years now and many of you have chosen to take advantage of this secure way to transfer information with us to protect your personal and financial information. This method of exchanging documents can be used to make your tax preparation entirely safe, paperless and contactless. Contact our office to be sent a link for your own portal, or you may choose to use our guest portal under the Secure File Sharing tab above.

ID.me – We strongly recommend getting an Identity Protection Personal Identification Number (IPPIN). IRS has contracted to use the 3rd party company of ID.me to establish a secure login process that will verify your identity and reduce fraud. Create an IRS account on irs.gov to view your information such as: transcripts, estimated tax payments, balance due, refund status, and how much you received in Advance Child Tax Credit payments and stimulus payments. An IPPIN is one more layer to protect your personal data and prevent someone filing a tax return with your social security number.

Energy and Clean Vehicle Credits - The EV credit for vehicles is a great credit, but has many IRS qualifiers. Don't just assume you get the credit because the salesman said so. Call our office BEFORE you purchase a new electric vehicle!

1099K's - income reporting requirements - IRS has changed the requirement for issuing forms 1099K. For 2024, if you received more than $5000 through Venmo, Paypal, Amazon, Square or other cash apps for the sale of goods or services, then you should receive a form 1099-K from the vendor. You will be required to report this income on your business return.

If you receive a 1099-K because you used the above cash apps for personal purposes, we can report that it was not income on your return - but it must be reported. Please bring all 1099-K forms with your tax documents.

2024 Mileage Rates - Business Mileage rate = .67 cents per mile. Medical/Moving miles = .21 cents per mile. Medical mileage remains at .14 cents per mile.

Residential Energy Credits - The old rules were capped at a lifetime credit of $500. No matter what you installed, once you reached the $500, you could not use this credit again in your lifetime. The new rule replaces the lifetime credit with an annual credit. You may now use a max of $1200/year for your principal residence OR $600/year for a 2nd residence.

Solar Credit - up to 30% of cost, no limit - including labor costs. This credit can be used for primary residence OR 2nd residence,

but NOT rental properties. Unused credit will be carried forward to future years.

Exterior Doors - Max credit of $250/door, not to exceed a total of $500 (does not include labor costs).

Exterior Windows - Max credit of $600 for all windows (does not include labor costs).

Insulation - No limit of credit (does not include labor costs).

Home Energy Audit - Credit is 30% of cost or a max of $150.

A/C, water heater, furnace, heat pump and/or electrical panel - up to 30% of cost with a max credit of $600 (includes labor costs).

Heat pump, heat pump water heater and/or pellet stove - Credit is 30% of cost with max $2000/year (includes labor costs).