Ronda Holloway CPA

12/25/2023

Merry Christmas! The office will be closed tomorrow, the 26th. We'll open normal hours on Wednesday.

11/30/2023

Starting January 1st, 2024, you may be able to transfer your tax credits to help lower the cost of a qualified, clean vehicle.

For the vehicle to qualify it must be “clean” – electric vehicle (EV) or fuel cell vehicle (FCV). At the time of sale, the seller must give you information about the car’s qualifications for the credit.

To qualify, you must buy it for your own use and use it primarily in the U.S.

If you qualify for the tax credit, you will be able to transfer it to the dealer for a financial benefit. The financial benefit is equal to the amount of the credit, whether in cash, a partial or a down payment.

Check out the article below for more information. Contact us if you have any questions!

Tax Tip 2023-123, Nov. 15, 2023 — Taxpayers who buy a qualifying new or used clean vehicle may be able to transfer their tax credits to the dealer in exchange for a financial benefit – such as a lower cost – starting Jan. 1, 2024.

11/27/2023

If you are a truck driver, you should be aware of the Heavy Highway Vehicle Use Tax and the payment due date. The Heavy Highway Vehicle Tax is an annual federal excise tax on heavy highway motor vehicles used on public highways.

If you are required to register a large truck or bus with a taxable gross weight of 55,000 pounds or more, then you must file Form 2290, a Heavy Highway Vehicle Use Tax Return.

You must file Form 2290 by the last day of the following month that you first used the vehicle on a public highway. For example, trucks that first started driving on public highways in November 2023, the deadline to file is December 31, 2023.

Tax Tip 2023-103, Aug. 24, 2023 — The Heavy Highway Vehicle Use Tax is an annual federal excise tax on heavy highway motor vehicles operating on public highways. The payment due date is the last day of the month following the month the vehicle was first used on public highways.

11/24/2023

Everyone is looking for a good deal on Black Friday. Be aware that scammers are looking for easy opportunities to obtain your information.

Several scams to watch out for during Black Friday Sales:
⁃ Fake delivery emails and texts
⁃ Fake order confirmations
⁃ Bait and switch deals on fake retail sites

Here’s what you can do to avoid those scams:
⁃ Don’t click on any links sent in emails or texts.
⁃ Make sure the seller and site are legit.
⁃ Make purchases with a credit card for a layer of protection.
⁃ Be skeptical of social media advertisements - scammers purchase ads to use for bait and switch deals.

The article below provides an in depth breakdown on Black Friday scams and how to avoid them.

Don't let scammers get their hands on your holiday spending money! Learn how to spot scams and how to protect your purchases.

11/23/2023

11/21/2023

By law, all taxpayers have the right to finality of tax matters. It’s one of the ten basic rights in the Taxpayer Bill of Rights.

Taxpayers have the right to know:
⁃When the IRS has finished an audit.
⁃The max amount of time they have to challenge the IRS’s position.
⁃The max amount of time the IRS has to audit a particular tax year or collect tax debt.

Review the article to learn more.

Tax Tip 2023-101, Aug. 15, 2023 — By law, all taxpayers have the right to finality of tax matters. For example, taxpayers have the right to know when the IRS has finished an audit. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights.

11/20/2023

We honored Veterans a couple of Saturdays ago. According to past data, many military spouses are entrepreneurs or pursue gig work. The IRS offers numerous resources to ensure these individuals are prepared in terms of taxes.

Resources:
⁃ Small Business and Self-Employed Tax Center (IRS.gov/smallbiz)
⁃ Gig Economy Tax Center (IRS.gov/gigeconomy)
⁃ Online Tax Calendar (IRS.gov/taxcalendar)
⁃ Small Business Tax Workshop (IRS.gov/sbworkshop (IRS.gov/sbworkshop)

If you run your own business or work in the gig economy and have questions about your tax situation, please contact us today!

Access tax forms, including Form Schedule C, Form 941, publications, eLearning resources, and more for small businesses with assets under $10 million.

10/31/2023

Happy Halloween!

Have fun and stay safe tonight!

10/26/2023

You can authorize a third-party representative to work with the IRS on your behalf. Taxpayers who want a third party to represent them must formally grant them permission to do so.

Several types of third party authorizations include:

⁃ Power of Attorney
⁃ Tax Information Authorization
⁃ Third Party Designee
⁃ Oral Disclosure

Each type of representative needs specific authorizations before they are able to represent you. Please review the article for more information about third party authorizations.

Tax Tip 2023-111, Sept. 18, 2023 — Taxpayers can authorize a third-party representative to work with the IRS on their behalf. Sometimes this person is an unpaid family member or friend, and sometimes this is a tax professional hired by the taxpayer. Different types of representatives need differen...

10/24/2023

Everyone should be able to enjoy their retirement!

It’s important to start planning for retirement as early as possible. Individual retirement accounts (IRAs) offer tax incentives to encourage individuals to make retirement investments.

A traditional IRA is the most common type of IRA and allows your earnings to grow tax-deferred. There are annual limits on contributions depending on your age.

Another popular option is a Roth IRA. The biggest difference is taxpayers are unable to deduct contributions. Although, qualified distributions are tax-free.

If you have any questions about tax consequences concerning IRAs, we encourage you to contact us.

Tax Tip 2023-116, Sept. 28, 2023 — It is never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a ...