Are you considering buying an electric vehicle in 2023? The rules have recently changed, due to the passage of the Inflation Reduction Act of 2022 (the “Act”) in the summer of 2022. This bill included a range of new tax rules addressing various areas, and one of its significant goals was to address climate change […]
Need to Correct Your Already-Filed Tax Return?
There is now a choice for tax professionals who need to make changes to a tax return that has already been filed with the IRS. Superseding vs. Amended Tax Returns You’re likely already familiar with the amended tax return. An amended return is filed subsequent to the originally-filed or superseding return and after the due […]
Filing Taxes When You Owe Money: What to Do and What You Need to Know
The tax-filing deadline will be here before you know it and pretty soon, you’ll be gathering up your receipts and plugging in numbers. I know you’re hoping for good news, and praying for a big refund in the process. If all goes well you won’t owe anything and you might even be getting back a […]
What to Do if You Owe Back Taxes
Paying taxes is a fact of life, but when the amount is excessive, you may not have the funds to pay in full. Making a mistake on your taxes can be costly as well, and if you plug in the wrong numbers, the IRS will surely come calling. Whether you owe money to the IRS […]
End of the Year Tax Reminders for Business Owners
Performing these tasks at year-end will help your tax professional prepare your return accurately, plus it will make your tax professional very happy when you have these answers at the ready! Write down the odometer reading on the vehicles you use for business. It is important to know what percent you are using the vehicle […]