Petersburg Tax Prep & Business Services, LC

12/11/2025

🔥 2025 Income Tax Changes!

Here’s what’s new for 2025:

💵 Tip Income Deduction — Up to $25,000
Great for servers, bartenders, stylists, and service workers.

⏱️ Overtime Deduction — $12,500 / $25,000
If you worked extra hours, this new deduction can lower your taxable income.

📈 Higher Standard Deductions
Everyone starts with a bigger automatic deduction this year.

👵 New Senior Bonus Deduction — $6,000 / $12,000
If you’re 65 or older, you now get an additional:

$6,000 deduction if you file single

$12,000 if both spouses are 65+ and file jointly
This is on top of the regular senior standard-deduction increase.

🏡 SALT Deduction Cap Raised to $40,000
More room for state and local tax write-offs.

🚗 West Virginia Vehicle Owners: Don’t Miss This 2025 Tax Credit!

WV will continue offering the Motor Vehicle Property Tax Adjustment Credit on 2025 state tax returns (filed in 2026).

If you pay your vehicle property taxes on time, you may get a refundable credit—meaning money back even if you don’t owe WV income tax.

Keep your payment receipts and watch for your MV-1 letter before filing.

Get back what you paid in vehicle taxes!

👉 Need help maximizing your refund? We’re here for you.
📞 Message us or call to schedule your 2025 tax appointment.

01/21/2025

ADDITIONAL INFORMATION REGARDING MOTOR VEHICLE PROPERTY TAX CREDIT:

In order to claim the Motor Vehicle Property Tax Adjustment Credit, the West Virginia Tax Division will be sending out MV-1 letters to eligible taxpayers. The letter will provide necessary information regarding your eligible tax credit and what can be claimed on Line 21(A) of the IT-140. These letters and an Online Letter Portal will be made available to taxpayers at the start of the filing season. If you have not received a MV-1 letter by February 15, 2025 you can go online to mytaxes.wvtax.gov and use the online letter portal to generate your letter.

There will also be an Online FIling Portal for taxpayers who are not required to file a personal income tax return. If you are claiming credits in addition to the Motor Vehicle Adjustment Property Tax Credit, such as Senior Citizen Tax Credit (SCTC), Homestead Excess Property Tax Credit (HEPTC), etc.. you must file a WV personal income tax return to claim all credits.

01/08/2025

IMPORTANT information on the new WV Personal Property Tax Credit:

Beginning January 1, 2024, taxpayers are eligible to claim a Motor Vehicle Property Tax Adjustment Credit on their 2024 WV income tax return, filed in 2025, for all timely paid property taxes made on vehicles that was due in 2024. Individuals, Partnerships, S-Corporations, LLCs, and C-Corporations are all eligible to take the credit directly against any tax due.

Only individuals and business motor vehicle owners may qualify for the Motor Vehicle Property Tax Adjustment Credit. The credit is only available for the actual tax paid. If an early payment discount is applied, the credit is limited to the amount actually paid after deduction of the discount.

As the credit covers only property taxes that were due in 2024, eligible taxes included are for the second half 2023 that was due on April 1, 2024, even if paid early in 2023, and the first half of 2024 that was due October 1, 2024. Again, the tax had to have been timely paid.

Also, this tax credit is a refundable credit, meaning you can take the credit even if you have no state income tax liability and/or are not required to file a state income tax return. Taxpayers who are not required to file a West Virginia income tax return but wish to claim the credit for their motor vehicle property taxes timely paid can click "Claim the MV-1 Credit" at mytaxes.wvtax.gov when the 2024 filing period opens in January 2025. You will be required to provide either a West Virginia driver's license or other form of West Virginia ID in order to complete your claim. This tool cannot be used if you are required to file a West Virginia income tax return or are wanting to claim any other credit.

04/27/2024

03/16/2024

11/04/2022

We've moved! Now located at 411 Virginia Avenue, Suite A, beside the laundromat.

01/19/2022

Time to setup an appointment for your 2021 income tax return. We're located at the same location as last year: beside the Hermitage on Virginia Avenue in Petersburg. Parking is available beside the facility in the old courthouse municipal parking lot. Please be mindful of the ongoing renovations to the Hermitage.

Feel free to visit our website to set your own appointment or give us a call at (304) 668-1087.

Website:

Petersburg Tax Prep & Business Services offers tax planning, tax preparation, accounting and more. We pride ourselves on delivering an amazing customer experience with top notch service. Schedule an appointment or visit us today.

01/16/2021

PART TIME OFFICE ASSISTANT POSITION AVAILABLE

Part time position available, Tuesday - Friday, 3:00 p.m. 6:00 p.m. late January through mid April.

Duties include greeting clients, answering phone, and making appointments.

Call (304) 668-1087 if interested.

01/10/2021

Check out our new website, still under construction with minimal changes coming, where you can setup your own online portal with us, schedule an appointment without having to call, upload documents (still under construction) and have access to other great features.

Link: https://live.vcita.com/site/petersburgtaxprep

Let us know what you think!