When disaster strikes, Americans can always be counted on to help. That help comes in countless ways, but often the easiest way to help is by donating money to charities. Sadly, criminals are just as likely to answer the call after a disaster or emergency as the millions of people who open their wallets. Scammers…

Washington – The IRS issued Notice 2023-59 today regarding the requirements for home energy audits for taxpayers that want to claim the energy efficient home improvement credit. The Inflation Reduction Act of 2022 created several clean energy credits. Each of these credits has requirements for the type of clean energy property or service purchased and how they…

IMPORTANT PAPERS TO KEEP: A CHECKLIST IMPORTANT ORIGINALS YOU SOMETIMES NEED AND WHEN IT’S OKAY TO FINALLY SHRED THEM: Medical directive (after a new one is signed) Passports (after you have replaced them) Power of attorney (after a new one is signed) Real estate deeds (10 years after the property is sold) Stock/bond certificates (when sold)…

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Oct.1, 2023. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily.  Here is a complete list of the new rates: 8% for overpayments (payments made in excess of the amount owed), 7%…

Teachers often buy classroom supplies with their own money. The Educator Expense Deduction helps them get some of that money back. Eligible teachers and administrators can deduct part of the cost of technology, supplies and training from their taxes. They can claim this deduction only for expenses that weren’t reimbursed by their employer, a grant…

WASHINGTON — The Internal Revenue Service reminded consumers considering an automobile purchase to be sure to understand several recent changes to the new Clean Vehicle Credit for qualified plug-in electric drive vehicles, including qualified manufacturers and tax rules. The Inflation Reduction Act of 2022 (IRA) made several changes to the new Clean Vehicle Credit for…

Starting a new business can seem overwhelming for new entrepreneurs or even seasoned professionals. The IRS has resources to help new business owners understand the tax responsibilities of running a business. Here are a few things any entrepreneur needs to do when starting their business. Choose a business structure The form of business determines which income tax return a…

My office will close on October 11 and will reopen on January 2. If you need taxes done, please contact me as soon as possible. The IRS closes for electronic filing on November 18 and will reopen January 22. If you have any concerns during my closure, I will be available to answer questions by…

Just because a taxpayer filed a tax return doesn’t mean they should forget taxes until next year. What a taxpayer does now may affect the tax they owe or the refund they may receive next year. Here are some simple year-round tax planning pointers for all taxpayers. Organize tax records. Create a system that keeps…

Energy Efficient Home Improvement Credit These expenses may qualify if they meet requirements detailed on energy.gov: Exterior doors, windows, skylights and insulation materials Central air conditioners, water heaters, furnaces, boilers and heat pumps Biomass stoves and boilers Home energy audits The amount of the credit you can take is a percentage of the total improvement expenses…