Delray Tax Prep

09/02/2024

Whether during uncertain or robust economic times, CPAs remain in high demand. Your business is thriving? You need an accountant. Your business is failing? You need an accountant. According to IBISworld, the accounting services market was a $143.4 billion profession last year. Whether in taxes, auditing or consulting, CPAs play a vital role in helping companies and individuals solve compliance issues and chart their course for better business solutions—from valuation to financial planning, from attestation to IRS representation, from consulting to estate planning.

Reach out anytime by email, or mention us to a friend who you think might benefit from a free call with a Florida licensed CPA. [email protected]

04/10/2024

The deadline is coming up, don't be late.

Calculate, pay or remove the Failure to File Penalty when you don’t file your tax return by the due date.

03/21/2024

The Earned Income Tax Credit is the federal government’s largest refundable tax credit for low to moderate income workers. Almost a third of those who qualify for the EITC became eligible for the first time this year due to changes in their marital, parental or financial status and may not realize they’re eligible.

People who earned $63,398 or less in 2023 may be eligible for this valuable tax credit.

Other workers at risk for overlooking the EITC include those:

Living in non-traditional homes, such as a grandparent raising a grandchild.
Whose earnings declined or whose marital or parental status changed.
Without children.
With limited English skills.
Who are veterans.
Living in rural areas.
Who are Native Americans.
With earnings below the filing requirement.
Taxpayers can check their eligibility and how much they qualify for at www.IRS.gov/eitc

The EITC is a tax credit for certain people who work and have low to moderate income. A tax credit usually reduces tax owed and may also result in a refund.

For tax year 2023, the EITC is as much as:

$7,430 for a family with three or more children.
$600 for taxpayers who don’t have a qualifying child.

If you’re a low- to moderate-income worker, find out if you qualify for the Earned Income Tax Credit (EITC) and how much your credit is worth.

11/22/2023

Credits for new clean vehicles purchased in 2023 or after

You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032.
The credit is available to individuals and their businesses.
To qualify, you must:
• Buy it for your own use, not for resale
• Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:
• $300,000 for married couples filing jointly
• $225,000 for heads of households
• $150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.
The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.

You may qualify for a clean vehicle tax credit up to $7,500 if you buy a new, qualified plug-in electric vehicle or fuel cell electric vehicle.

07/26/2023

Info for the hustlers: Are you making extra cash selling stuff or providing a service?

If you sell items or provide a service and get paid by payment card or through a payment app, you may get a Form 1099-K reporting those transactions. Learn m...

05/12/2023

Watch out for those ERC Scammers.

IRS Tax Tip 2023-44, April 4, 2023 — The IRS and tax professionals continue to see third parties aggressively promoting Employee Retention Credit schemes on radio and online.

04/08/2023

https://www.irs.gov/newsroom/taxpayers-should-file-their-tax-return-on-time-to-avoid-costly-interest-and-penalty-fees

Tax Tip 2022-42, March 17, 2022 — Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don't file on time, may be charged a failure-to-file penalty.

07/05/2022

Share this tip on social media -- : New voice bot options mean faster service and less wait time for taxpayers.

COVID Tax Tip 2022-101, July 5, 2022 — The IRS’s new voice bot options mean less time on hold for taxpayers trying to verify their identity to set up or modify a payment plan. Voice bots run on software powered by artificial intelligence, which allows a caller to navigate an interactive voice re...

06/10/2022

https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022

IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

01/25/2022

: How a taxpayer’s filing status affects their tax return.

Tax Tip 2022-13, January 25, 2022 — A taxpayer’s filing status tells the IRS about them and their tax situation. This is just one reason taxpayers should familiarize themselves with each option and know their correct filing status.

04/28/2021

: IRS Free File can help people who aren’t required to file find tax credits and get a refund.

COVID Tax Tip 2021-58, April 28, 2021

04/14/2021

Here’s how people can pay their federal taxes.

Tax Tip 2021-50, April 14, 2021