Commonly Asked Tax QuestionsSubmitted by Desmond Wealth Management, Inc. on May 1st, 2023
Wow! You Can Now Get a Tax Credit For Buying a Used Electric VehicleSubmitted by Desmond Wealth Management, Inc. on March 4th, 2023
2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time that used electric vehicles have qualified for a tax credit, and although considerably less than the credit for purchasing a new electric vehicle, it does provide an incentive for lower-income taxpayers to acquire an electric vehicle.
Many Taxpayers Will See Smaller Refunds This YearSubmitted by Desmond Wealth Management, Inc. on March 2nd, 2023
What Does The Inflation Reduction Act Mean To You?Submitted by Desmond Wealth Management, Inc. on August 28th, 2022
Claim Your 2020 and 2021 ERC Now (Yes, in 2022)Submitted by Desmond Wealth Management, Inc. on August 17th, 2022
Sun Setting on Home Solar Power Tax CreditsSubmitted by Desmond Wealth Management, Inc. on July 19th, 2022
Another Challenging Tax Season for IRS and Taxpayers?Submitted by Desmond Wealth Management, Inc. on January 31st, 2022
This could be another challenging tax season for the IRS and taxpayers. Although this year’s filing season opens on January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still has a backlog of prior year returns to process and is plagued by staff shortages due to the pandemic and reduced funding in the last few years.
Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 ReturnSubmitted by Desmond Wealth Management, Inc. on January 13th, 2022
Early in 2021, Congress passed the American Rescue Plan Act which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Under ARPA, the maximum amount for the Child Tax Credit (CTC) was increased from $2,000 to $3,600 for each child 5 years old and under. For children ages 6 - 17, the maximum increased to $3,000.