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Diamond Tax Solutions

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United States
Boynton Beach, FL
Diamond Tax Solutions

Experienced Accounting Professional offerring Tax Preparation, Accounting/Bookkeeping, and Notary Serving Palm Beach and Broward Counties.

Experienced Accounting Professional offerring Tax Preparation, Accounting/Bookkeeping, and Notary Public.

02/07/2026

09/18/2024

Excited to share the latest addition to my shop: 26 Week Savings Challenge Bundle https://etsy.me/3XYpHW9

08/02/2024

August is here! 4 months left in the year. Its not too late to implement change! What are you going to start/finish/do different. Here are some tips:

1. Make an actionable plan, for personal and professional goals.

2. Choose a focus and stay the course.

3. Improve what you can, delegate what you can not.

4. Tax planning makes tax time easier.

What are your goals for this month?

08/01/2024

Disaster Tax Relief Available – Did You Know?

People who live in areas affected by federally declared disasters like hurricanes, wildfires, flooding and severe storms may qualify for special tax relief programs. The most common forms of relief offered include extended deadlines to file and/or pay taxes, along with free access to copies of past returns for those who lost critical records.

There is typically no need to apply for these programs, as the relief is granted automatically to all eligible people. The IRS Disaster Relief webpage (link below) can help you determine whether you qualify for deadline extensions, or other benefits that make the road of recovery a little easier to navigate.

IRS Disaster Relief Page: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

07/29/2024

Standard Mileage Rates for 2024 – Did You Know?

Below are the 2024 standard mileage rates for vehicle uses that qualify for a tax deduction. These rates apply for most passenger vehicles, including cars, vans, SUVs and pickup trucks.

- 67 cents per mile for business use of a vehicle (1.5 cents increase from 2023)
- 21 cents per mile for certain medical purposes or moving purposes for qualified active-duty Armed Forces members (1 cent decrease from 2023)
- 14 cents per mile for vehicle use for qualifying charitable work (unchanged)

In most cases, taxpayers who qualify to claim a vehicle expense deduction may either use the standard mileage rate or actual expenses to figure their deduction. However, if you use your car or truck for business, you generally must use the standard rate for the first year you put the vehicle in service if you want to preserve this option for future years.

A tax professional can help you determine whether the standard mileage rate or actual expenses will result in a larger deduction in your circumstances. Keep in mind that if you choose to deduct actual expenses, you will need to keep detailed records of all vehicle-related costs.

07/16/2024

Transferring a Clean Vehicle Credit May Increase Your Tax Benefit – Did You Know?

Beginning in 2024, people who qualify for the Clean Vehicle Credit may transfer the credit to a registered dealership as a down payment, or in exchange for a discounted vehicle price. Vehicles eligible for the CVC include many fully electric cars and trucks (EVs), plug-in hybrids (PHEVs) and vehicles powered by fuel cells. Transferring a CVC to the vehicle seller will enable you to receive an immediate benefit from the credit, instead of having to wait to claim the credit on your 2024 tax return.

Some people will also receive a larger credit amount by transferring their CVCs. Since the CVC is not refundable, you cannot claim a credit amount on your tax return greater than the tax you owe. However, this restriction generally does not apply to transferred CVCs. Therefore, transferring your CVC may help you receive the maximum credit amount available. A tax professional can help you determine whether transferring a CVC to the vehicle seller would work to your advantage.

07/10/2024

BOI Filing Requirement Scams - Did You Know?

Beginning in 2024, many businesses must file new beneficial ownership information (BOI) reports, which identify owners who exert control over and/or hold a significant financial stake in the company. Reporting companies must file these forms with the Treasury Department's Financial Crimes Enforcement (FinCEN).

Unfortunately, scammers are using this new filing requirement to attempt to steal money and sensitive information from businesses. If your business receives a message about a supposed FinCEN reporting obligation, examine it carefully and look for these telltale signs of a scam:

- Any request for payment: FinCEN does not charge a fee to file BOI reports.
- Messages with links to click on or QR codes to scan: Authentic FinCEN messages will not have these features.
- Any reference to an "Important Compliance Notice," "Form 4022" or a "U.S. Business Regulations Dept.": FinCEN does not use this terminology, and no such form or department exists.

Do not respond to any suspicious message requesting money or BOI from your company. If you are unsure whether a message is legitimate, contact FinCEN directly (fincen.gov) for more information.

07/09/2024

Newlyweds Have Special Tax Considerations – Did You Know?

If you get married in 2024, you may need to update your tax planning and report new information to the IRS and Social Security Administration (SSA). In particular, newly married couples should:

- Report any name changes to the SSA and get a new Social Security Card (link below)
- Report any address changes to the IRS and the U.S. Postal Service
- Recheck their paycheck withholding and/or estimated tax payment amounts. Marriage can affect your tax rate, as well as your deductions and credits. You can use the IRS Withholding Calculator (link below) to make sure you are staying on track.

One of the biggest tax decisions you will need to make as a newly married couple is whether to file separate returns or file jointly. A tax professional can help you determine which status is most advantageous for you.

Social Security Administration: https://www.ssa.gov/myaccount/
IRS Withholding Estimator: https://apps.irs.gov/app/tax-withholding-estimator

06/27/2024

Summer Jobs - Did You Know?

If you're currently working at a summer job or know a teen or student who is, here is a useful tax-saving tip:

Students and teenage employees normally have taxes withheld from their paychecks by their employer after filling out a Form W-4.

However, if the job is regarded as self-employment, like baby-sitting or lawn care can be, they should keep good records of all expenses to help maximize potential deductions.

In the case of lawn care, potential deductible expenses may include: business cards, fliers, fuel, equipment rentals, chemicals, work mileage, etc.

06/24/2024

Summer Home Upgrades and Kids' Activities May Bring Tax Benefits – Did You Know?

Some projects and activities that people typically undertake in summer may qualify for 2024 tax credits. For example, upgrades to keep your home cool and comfortable may be eligible for clean energy or energy efficiency credits. Examples of potentially qualifying improvements include Energy Star-rated windows and doors, solar-powered water heaters, and new central air conditioning units or ventilation systems. More information about these programs may be found on the IRS Home Energy Tax Credits webpage (link below).

In addition, if your children attend summer camps, day camps or childcare programs so that you can work, the Child and Dependent Care Credit may enable you to reclaim some of the cost. A tax professional can help you determine whether you qualify for these or other tax-saving programs, and if so, help you properly document expenses to preserve your eligibility.

Home Energy Credits: https://www.irs.gov/credits-deductions/home-energy-tax-credits

06/20/2024

Summer is Here! ☀️

Time to soak up the sun, enjoy the warm weather, and make unforgettable memories.

What are your summer plans? Share with us in the comments!

06/19/2024

Today, we honor Juneteenth, a day of freedom, resilience, and the ongoing pursuit of equality.

Happy Juneteenth!

Address

-
Boynton Beach, FL
33436

Opening Hours

Monday	6pm - 9pm
Tuesday	6pm - 9pm
Wednesday	6pm - 9pm
Thursday	6pm - 9pm
Friday	6pm - 9pm
Saturday	12pm - 4pm

Website

https://www.diamondtaxsolutions.net/

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