Tax benefits for homeowners

Whether someone is a current homeowner or buying a new home this summer owning a home can be expensive. There are tax benefits that can help taxpayers save money and offset some of the costs that come with homeownership. Homeowners should review the tax deductions, programs and housing allowances to see if they are eligible.…

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Emergency preparedness plans for businesses should include financial records

When business owners put together an emergency preparedness plan, it should include copies of vital records and financial information. Here are some things everyone can do to help protect their financial records. Update emergency preparedness plan annually Personal and business situations are constantly evolving, so taxpayers should review their emergency preparedness plan annually. The U.S.…

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Earn More on Your Regular Savings

Your local bank is not paying a decent interest rate on regular savings. If you converted to a money market account, you are getting better results. I have an online savings account with emigrantdirect.com. Emigrant normally pays 1.5% interest. As of June 2023, they are paying 4% interest. My account with Emigrant has been open…

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IRS releases final guidance for certain clean vehicle credits under the Inflation Reduction Act

WASHINGTON – The Internal Revenue Service issued final regulations today for the new and previously owned clean vehicle credits. The final regulations provide rules regarding the critical mineral and battery components requirements for the new clean vehicle credit. Today’s guidance finalizes rules for taxpayers intending to transfer the new and previously owned clean vehicle credits to dealers who…

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Not Yet Filed?

If you have not yet filed your 2022 or 2023 tax returns, my office has reopened to help you. Go to pedersonaccountingservices.com. Next to my telephone number you will see the word “Schedule.” Click on the button and the times I am available will show. I am available Monday, Tuesday and Thursday from 9:00AM to…

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10 Warning Signs of Identity Theft

Identity theft occurs when someone uses your personal information without your permission, often for fraudulent purposes. This is usually done by cybercriminals, who might open new accounts, apply for credit or even receive medical treatment under your name. Recognizing the signs of identity theft early on is crucial to minimize the damage it can cause.…

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