FINCEN

A Welcome Relief: FinCEN Lifts Beneficial Ownership Reporting Burden from U.S. Companies

Oic and exrensions

You're eligible to apply for an offer in compromise if you: Filed all required tax returns and made all required estimated payments. Aren't in an open bankruptcy proceeding. Have a valid extension for a current year return (if applying for the current year). https://www.irs.gov Offer in compromise | Internal Revenue Service

Gambling losees

Gambling losses are deductible, but only to the extent that you have an equal or greater amount of reportable gamblimg winnings (you receive a form 1099-G)

Floidians have extra time to file due to hurricanes

The Florida tax deadline extension covers tax filing and payment deadlines normally due between Oct. 5, 2024, and May 1, 2025. All taxpayers in Florida have until May 1, 2025, to fulfill their tax obligations, including filing federal tax returns and making payments initially due during this period.Nov 12, 2024

Fl Hurricane Disaster creeit

Claiming Casualty Loss Deductions If you have experienced losses from hurricane damage, understanding casualty loss deductions is essential: Eligibility: Losses related to personal property, including homes, vehicles, and personal belongings, qualify for deductions. Businesses can also claim losses, although different regulations may apply. Filing: Use Form 4684 and report the deductions on Schedule A. Without a “qualified disaster” designation, the 10% AGI rule remains applicable for affected areas at the time of writing.

Discontinuing the Penny?

The one cent coin costs more to produce than its value and is nearly obsolete in retail. But it has its supporters. United States President Donald Trump has ordered the Treasury to stop minting new pennies, reviving an old debate about the value of the one cent coin. As the world gets more precise with Ai, why eould you eliminate a piece of cuttency that gives more precienes

How much sec 179 do you get?

Maximizing Tax Benefits: Section 179 Deduction for Vehicles Over 6000 Pounds in 2024: List of Vehicles to Qualifying, Depreciation, and IRS Tax Credits By Steven de la Fe, CPA on March 19, 2024 Imagine you're a business owner looking to buy a new vehicle for your company. You want something sturdy and reliable, like a big truck or SUV, to help with your work. Now, imagine you also have to pay taxes on the money your business makes. But here's the good news: there's a special tax benefit called the IRS Section 179 deduction. This deduction lets you write off the cost of certain vehicles, like those over 6000 pounds, from your taxes. It's like getting a discount on your taxes for buying a heavy-duty vehicle for your business. This list of vehicles over 6000 pounds that qualify for the deduction is super important because it helps you know which vehicles you can buy to get that tax break. It's like having a handy guide to make sure you make the most out of your money when buying a vehicle for your business. If you're thinking about getting a big, tough vehicle for your company, checking out this list is a smart move to save some money come tax time! What vehicles qualify for the Section 179 deduction? Under the Section 179 tax deduction: Heavy SUVs, pickups, and vans over 6000 lbs. and mainly used for business can get a partial deduction and bonus depreciation. Typical work vehicles without personal use qualify. Cargo vans and box trucks with no passenger seating can qualify. Specialty vehicles like ambulances and hearses often qualify. As of 2024, the deduction for vehicles weighing between 6,000 and 14,000 lbs has been adjusted. Taxpayers can now deduct up to $30,000 for qualifying vehicles falling within this weight range. However, larger commercial cars, vans, and buses continue to be exempt from this SUV rule. Qualifying Vehicles over 6000 Pounds (lbs) List of Vehicles 6,000 pounds or more that Qualify for Tax Incentives in 2024: Make Model Approx GVW (Lbs) Audi Q7 6,900 SQ7 6,900 Q8 6,900 SQ8 6,900 BMW X5 xDrive45e 7,165 X6 M50i 6,063 X7 xDrive40i 7,143 X7 M50i 7,143 X7 M50d 7,143 Bentley Bentayga 7,275 Bentayga Hybrid 7,165 Bentayga Speed 7,275 Flying Spur 6,724 Flying Spur V8 6,724 Flying Spur W12 6,724 Mulsanne 6,173 Mulsanne Speed 6,173 Mulsanne Extended 6,617 Buick Enclave Avenir AWD 6,160 Enclave Avenir FWD 6,055 Enclave Essence AWD 6,160 Enclave Essence FWD 6,055 Cadillac Escalade 7,100 Escalade ESV 7,300 Escalade Platinum 7,100 Escalade ESV Platinum 7,300 Chevrolet Silverado 2500HD 10,000 Silverado 3500HD 14,000 Silverado 4500HD 16,500 Silverado 5500HD 19,500 Silverado 6500HD 23,500 Express Cargo Van 2500 8,600 Express Cargo Van 3500 9,900 Express Passenger Van 9,600 Suburban 7,800 Tahoe 7,400 Traverse 6,160 Chrysler Pacifica 6,055 Dodge Durango 6,500 Durango SRT 6,500 Durango Citadel 6,500 Durango R/T 6,500 Durango GT 6,500 Durango SXT 6,500 Grand Caravan 6,055 Ford Expedition 7,450 Expedition MAX 7,700 F-250 Super Duty 10,000 F-350 Super Duty 14,000 F-450 Super Duty 16,500 F-550 Super Duty 19,500 Transit Cargo Van T-250 HD 9,070 Transit Cargo Van T-350 HD 10,360 Transit Passenger Wagon 10,360 GMC Sierra 2500HD 10,000 Sierra 3500HD 14,000 Sierra 3500HD Denali 14,000 Sierra 4500HD 16,500 Sierra 5500HD 19,500 Sierra 6500HD 22,900 Yukon 7,300 Yukon XL 7,800 Honda Odyssey 6,019 Infiniti QX80 7,385 Jeep Grand Cherokee 6,500 Grand Cherokee SRT 6,500 Grand Cherokee L 6,500 Wrangler Unlimited 6,500 Gladiator Rubicon 6,250 Land Rover Defender 110 7,165 Defender 90 7,055 Discovery 7,165 Discovery Sport 6,724 Range Rover 7,165 Range Rover Sport 7,165 Range Rover Evoque 6,724 Range Rover Evoque R-Dynamic 6,724 Lexus LX 570 7,000 Lincoln Aviator 6,001 Aviator 6,001 Navigator 7,200 Mercedes-Benz GLS 580 4MATIC 6,768 GLS 600 4MATIC 6,768 G 550 4×4 Squared 7,057 GLS 580 4MATIC 6,768 GLS 600 4MATIC 6,768 AMG G 63 4MATIC SUV 6,724 Nissan Armada 2WD/4WD 7,300 NV 1500 S V6 8,550 NVP 3500 S V6 9,100 Titan 2WD S 7,300 Porsche Cayenne Turbo Coupe 6,173 Cayenne Turbo S E-Hybrid Coupe 6,173 Cayenne Turbo S E-Hybrid 6,173 Panamera Turbo S E-Hybrid 6,244 Tesla Model X 6,000 Toyota Tundra 2WD/4WD 6,800 4Runner 2WD/4WD LTD 6,300 Tundra 2WD/4WD 6,800 Criteria for Qualifying Vehicles The eligibility for tax incentives, such as the Section 179 deduction, for vehicles with a gross vehicle weight rating (GVWR) of 6,000 pounds or more is contingent upon several key criteria. First and foremost, the vehicle must have a GVWR of 6,000 pounds or higher. However, simply meeting this weight threshold does not guarantee eligibility. The vehicle must also be used for business purposes, meaning it must be utilized primarily for business activities rather than personal use. Furthermore, to qualify for tax incentives, the vehicle must be purchased and placed into service within the tax year for which the deduction is being claimed. This means that the vehicle must be acquired and actively used for business operations during the same tax year in which the deduction is sought. Vehicles with a gross vehicle weight rating of 6,000 pounds or more may qualify for tax incentives, such as the Section 179 deduction, if they meet specific criteria including business usage and purchase and placement into service within the applicable tax year. Further Reading: Find heavy vehicles for big tax breaks in 2024! Can I get a tax write off for vehicle over 6,000 lbs? Yes, you can get a tax write-off for a vehicle over 6,000 lbs if you use it for business purposes. The tax write-off is known as the Section 179 deduction, which allows you to deduct the cost of qualifying vehicles from your taxable income. However, there are a few factors to consider: 1. The vehicle must be used primarily for business purposes and not for personal use. 2. There is a limit on the total amount of the deduction, which changes each year. Moreover, if the vehicle is financed, the deduction may be limited to the amount you actually paid during the tax year. It is important to keep detailed records and documentation to support your deductions. Luxury Vehicles over 6000 lbs and the Section 179 Deduction While luxury vehicles are generally not eligible for the Section 179 deduction, there is an exception for SUVs and trucks that are used for business purposes. The IRS has set a limit on the depreciable value of luxury SUVs and trucks, which can still provide some tax benefits. However, it's important to note that only vehicles that qualify as business vehicles, meeting the criteria outlined in the tax code, may qualify for a Section 179 deduction. This includes passenger vehicles, sport utility vehicles, and trucks used primarily for business purposes. The deduction limit, which changes annually, dictates the maximum amount that can be deducted using a Section 179 deduction. Also, bonus depreciation allows for additional deductions on qualifying vehicles. To ensure compliance with current tax laws and maximize tax benefits, consulting with a qualified tax advisor or accountant is recommended. It's important to note that vehicles must be used for business purposes more than 50% of the time and must be purchased and placed into service by December 31 of the tax year to claim the deduction. Vehicle Valuation Experts and the IRS Section 179 Deduction When claiming the Section 179 deduction, it is advisable to consult with a tax professional or vehicle valuation expert who can accurately assess the vehicle's value and ensure compliance with IRS guidelines. They can help determine the depreciable value and provide documentation to support the deduction. This is especially important for vehicles that qualify for Section 179, as the deduction amount can vary based on factors such as the cost of the vehicle, its weight, and its intended business use. Working with an accountant or tax professional can help minimize tax liability and maximize the valuable tax incentive provided by Section 179. Steps to Claim the Section 179 Vehicle Deduction Determine Eligibility: Ensure that the vehicle meets the criteria outlined in the tax code that allows for the Section 179 deduction. This includes verifying that the vehicle is used primarily for business purposes, has a gross vehicle weight rating (GVWR) that qualifies, and was purchased and placed into service within the tax year. Gather Documentation: Collect all relevant documentation related to the vehicle, including purchase receipts, vehicle specifications (such as GVWR), and any other interactive PDF documents or records that support its business use Calculate Depreciation: Use IRS Form 4562 to calculate the depreciation deduction for the qualifying vehicle. This form helps determine the depreciable value of the vehicle and is crucial for accurately claiming the deduction. Consult a Tax Professional: It is advisable to consult with a tax professional or accountant who is familiar with Section 179 deductions and vehicle depreciation. They can provide guidance on completing Form 4562 and ensure compliance with IRS regulations. Complete Form 4562: Fill out IRS Form 4562 accurately, providing all necessary information about the vehicle and its depreciation. This form will be attached to your tax return when claiming the Section 179 deduction. File Your Tax Return: Include the completed Form 4562 along with your tax return, making sure to follow all instructions provided by the IRS for claiming the Section 179 deduction. Review for Accuracy: Before submitting your tax return, review all information and calculations to ensure accuracy and completeness. Any errors or discrepancies could lead to delays or complications with your tax filing. Keep Records: Maintain thorough records of the Section 179 deduction claim, including copies of Form 4562 and supporting documentation. These records will be important for tax preparation in subsequent years and in the event of an IRS audit. 2024 Section 179 Tax Deductions for Small Business Owners The Section 179 deduction is especially beneficial for small business owners, as it allows them to immediately deduct the full purchase price of qualifying vehicles instead of depreciating the value over several years. This can provide significant tax savings and help stimulate business growth.

Sec 179 expense

1,220,000 For tax years beginning in 2024, the maximum section 179 expense deduction is $1,220,000. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $3,050,000.Dec 16, 2024

1099-Q

yiu receive this if soleone else has paid education expenses for you. Maybe nontaxable if used foe education.

1099-DA form. BIt coin and other digital current reporting form

1099-DA, new digital asset reporting form If you received this form and need help, by all means, call us at 813-309-0504

Tangible personal property returns

Real estate and fixtures supporting real estate are not treated as Tpp

401k tax advantage for ages 60 to 63

Beginning in 2025, individuals in this age group will be eligible for something called a "super catch-up" contribution limit for employer-sponsored retirement plans, including 401(k)s. This exciting change, recently clarified by the IRS, provides a unique opportunity to accelerate your retirement savings during those crucial pre-retirement years. individuals in this age group get a chance to use a super catchup with there retirement funds.

Start of tax season

IRS announcer start of tax season! we can help. Please call us at 813-309-0504!

Fed workers drawing from pension and now SS!

WASHINGTON (Reuters) - President Joe Biden signed a measure into law on Sunday that boosts Social Security retirement payments to some retirees who draw public pensions, such as former police officers and firefighters, in what the White House described as the first expansion of such benefits in 20 years. The Senate voted last month to approve the Social Security Fairness Act, which would repeal two-decade-old provisions that can reduce benefits for people who also receive a pension. The House of Representatives had approved it earlier.

Tax Season is off to a great start!

Call us at 813-309-0504 if you need taxes done!!

IRS refunding 2021 taxpayers

IRS issuing 2021 refunds to those that didnt receive the recovert rebate refund in 2021. mpayments eill be made by hhe end of yhe year.

BOIR deadline extended

After a lawsuit challenging the validity of the Beneficial Owners Information Return (BOIR), Fincen has extended the time to file this return. If you need assistance filing the BOIR, we can help you file this new return. Please contact us at 813-309-0504 or email us us at cpapennewell@verizon.net

2021 Recovery Rebate credit

IRS announces special payments going this month to 1 million taxpayers who did not claim 2021 Recovery Rebate Credit; encourages non-filers about approaching deadline to claim credits EnglishEspañol中文 (简体) More In News IR-2024-314, Dec. 20, 2024 WASHINGTON — As part of continuing efforts to help taxpayers, the Internal Revenue Service today announced plans to issue automatic payments later this month to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns. The IRS announced the special step after reviewing internal data showing many eligible taxpayers who filed a return but did not claim the credit. The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments (EIP), also known as stimulus payments. No action is needed for eligible taxpayers to receive these payments, which will go out automatically in December and should arrive in most cases by late January 2025. The payments will be automatically direct deposited or sent by paper check; eligible taxpayers will also receive a separate letter notifying them of the payment. “The IRS continues to work hard to make improvements and help taxpayers,” said IRS Commissioner Danny Werfel. “These payments are an example of our commitment to go the extra mile for taxpayers. Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible. To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it.” The payments vary depending on several factors, but the maximum payment is $1,400 per individual. The estimated amount of payments going out will be about $2.4 billion. The IRS also reminded taxpayers who haven’t filed 2021 tax returns they might be eligible as well, but they face an April 15, 2025, deadline to file their returns to claim the credit and any other refund they might be owed. Most eligible taxpayers already claimed the credit Most taxpayers eligible for EIPs have already received their EIP or Recovery Rebate Credit. These December payments for the 2021 Recovery Rebate Credit are only going to taxpayers where IRS data demonstrates a taxpayer qualifies for the credit. Qualified taxpayers are those who filed a 2021 tax return, but where the data field for the Recovery Rebate Credit was left blank or was filled out as $0 when the taxpayer was actually eligible for the credit. How automatic payments work Taxpayers who qualify but did not claim any portion of the credit on their 2021 tax return should receive these payments by late

Amended Refunds, how do you check the status of the anticipated refund

To check the status of your amended tax return, you can use the following methods12345: Where’s My Amended Return? tool on the IRS website: You can use this tool starting three weeks after you filed your amendment. It will indicate whether your amended return has been received, adjusted, or completed. Call the IRS directly: You can call the amended return hotline at 866-464-2050. Both online and phone resources are available in English and Spanish. Learn more:

2024 Tax Brackets

2024 tax Brackets Single/Married filing jointly $0 to $11,600 $0 to $23,200 12% $. 11,601 to $47,150 $23,201 to $94,300 22% $47,151 to $100,525/ $94,301 to $201,050 24% $100,526 to $191,950 $201,051 to $301,000

Trump's new tax ideas

Former President Donald Trump has floated several tax policy ideas, including extending the expiring 2017 Tax Cuts and Jobs Act (TCJA) changes, bringing back the deduction for state and local taxes (SALT), reducing the corporate tax rate for domestic production, exempting various types of income from the income tax, repealing green energy tax credits, and imposing steep new tariffs.

Document a charitable contribution

The receipt can be a letter, a postcard, an e-mail message, or a form created for the purpose. Any donations worth $250 or more must be recognized with a receipt

$750 Disaster relief from Fema

There are four ways you can apply for FEMA disaster assistance: Fill out a DisasterAssistance.gov application online Apply using the FEMA app. Download the free app from your smartphone’s app store Apply by phone at 1-800-621-3362 Apply in person at a Disaster Recovery Center (DRC). Find a DRC near you

Taxing unearned capital gain

Tax policy embraced by Vice President Kamala Harris that’s meant to target the wealthy could be used to capture all investors if the NEW tax doesn't raise enough cash. Harris defenders say posts ignore the fact that the plan would only impact those whose net worth is more than $100 million, or less than 1% of taxpayers the first year. We believe Harris' unearned gains tax would target wealthy investors the 1st year but then the administration would lower the thresshold due to the tax not raising enough fund.

Consumer Confidence falls

Consumer confidence has fallen to its lowest level in 3 years.

IRS Calls on Taxpayers to Make Emergency Plan

Irs is asking taxoayers to prepare for natural disasters

BOIR Reports due soon

The new IRS Fincen Beneficial Ownership Information Report is due soon if your company was formed before 1/1/24. If your company was started in the year 2024, you have 90 days from formation to get the report completed. Need help? Call us at 813-309-0504 and ask for Nick!

Irs Late filing penalties

penalty for filing late is generally 5% of the balance owed per month, with a max of 25%

Mfa google

Go thru google

Form 8275

f8275, Disclosure of position statement

Irs interest rate for people on extension

IRS INTEREST RATE IS 4.5%

Who is exempt from filing a BOI return?

Industries that are heavily regulated such as banks, insurance companies, cpa firms and other firms who report a lot to the IRS are exempt grom giling the BOI report.

1099-Misc, Box 6

Box 6 on a form 1009 Misc is reportsble but not a taxable item.

Get a Fincen ID #

Go to this website: https://fincenid.fincen.gov Follow the directions