DPW Tax Services

01/13/2023

2023 Clean Vehicle Tax Credit

In response to the new 2023 Clean Vehicle Tax Credit, a part of the Inflation Reduction Act, the IRS has released Notice 2023-1. If the following income requirements are satisfied, taxpayers may be qualified for a credit of up to $7500 for buying and putting a qualifying new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) into operation.
Modified adjusted gross income (AGI) must be less than one of the following amounts:

$150,000 for all other filers;
$225,000 for heads of households;
$300,000 for married couples filing jointly.

At the time of the sale, sellers must provide the IRS with all necessary information. Use the VIN decoder tool located under "Specific Assembly Location" on the Department of Energy's page for electric vehicles with final assembly in North America.

01/18/2021

The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

08/09/2020

If you are running a business and did not apply for the Stimulus check. Contact me immediately and I will help.

02/12/2016

Remember to make DPW Tax Services your new tax preparer or get paid for referring us to your friends.

01/20/2016

IRS is now accepting 2015 tax returns. Remember to make DPW Tax Services your new tax preparer.

02/01/2015

Contact our Enrolled Agents and CAA (ITIN) Professionals for help.

01/23/2014

Get your tax refund early.

12/12/2013

Print

11/24/2013

http://fxn.ws/IbDqzN

If you've decided to seek professional help filing your taxes this year it is important to find the most appropriate person for the job at the best price.

04/15/2013

Final day for your taxes. Don't be late, Call me

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03/04/2013

Taxes for your information:

A taxpayer is a U.S. resident and a citizen of Cuba. His family
still resides in the family home in Cuba. Can the taxpayer claim his
three grandchildren who reside in Cuba in the family home if he
provides 100% of their support?

Yes.

In order for the taxpayer to claim dependency exemptions for
the grandchildren, they must meet either the definition of a qualifying child or qualifying relative. These children meet the definition of a qualifying relative. The children are related to the taxpayer, they are residents of Cuba, they had no gross income, and the taxpayer provided more than 50% of their support.

02/28/2013

Taxes for your information:

The shareholder performed services on behalf of his S corporation but did not pay himself wages for the services he provided. Instead, he took distributions from corporate earnings. He also incurred out-of-pocket expenses that were not reimbursed by the corporation. The corporation does not have a policy to reimburse employee business expenses. Since the shareholder did not pay himself employee compensation, how is this reported? First, the corporation must pay the shareholder reasonable compensation for the services provided. This means the employer must file late payroll taxes as well as issue a Form W-2 to the shareholder. Since the shareholder
is an employee, the un-reimbursed employee business expenses are deductible as an itemized deduction on Schedule A, subject to the 2% AGI limitation.