Horizons Unlimited Tax & Business Services

Horizons Unlimited Tax & Business Services Tax Preparation, Representation, small Business Services Who We Are

Horizons Unlimited is a year-round, full-service tax preparation and representation firm.
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We specialize in individual and business tax preparation. We offer small business services such as payroll and bookkeeping, customized to fit your needs. We conduct new business start-up consultations because we believe in providing business owners with the knowledge, information and services they need to be successful. As a Virginia-based company since 1992, we remain focused on providing top-not

ch, professional customer service to all of our clients. What We Do

Individual Tax Preparation
Small Business Tax Preparation
Small Business Services Including Payroll & Bookkeeping
Tax representation
Tax Planning
New Business Start-up Consultation
Notary Services

Tax return preparation includes all states, all years. Electronic filing of tax returns and payroll reports at no extra charge.

08/25/2024

Summer Day Camp expenses may count toward the Child & Dependent Care tax credit: Working parents who pay for the care of their child (or other qualifying person) under age 13 so they can work or look for work, can count the cost of summer day camp programs as part of the qualifying expenses. Depending on income, taxpayers can get a credit worth up to 35% of their qualifying childcare expenses. For 2024, the maximum eligible expense for this credit is $3000 for one or $6000 for two or more dependents. In order to take the credit, taxpayers will need the name, address and EIN of the organization as well as the amount paid.

08/17/2024

REVISED EDUCATOR EXPENSE DEDUCTION - Teachers can now deduct up to $300 for the cost of their out-of-pocket unreimbursed expenses. This deduction is taken on Schedule 1 of the 1040 and is available only for K-12 educators who work 900 hours or more during the school year in an elementary or secondary school. The cap is $600 for Married Filing Joint where both spouses are teachers and eligible for the credit. Also watch for a state credit. Some states like VA offer a tax break, as well.

08/14/2024

CLEAN VEHICLE CREDITS – NEW FORM 15400, CLEAN VEHICLE SELLER REPORT:

The IRS has provided a draft of the Form 15400, Clean Vehicle Seller Report (also known as “Time of Sale Report), which is required to be provided to every buyer of a vehicle eligible for the Section 30D credit, as amended by the Inflation Reduction Act (IRA). This updated regulation provides a credit to qualified individuals and businesses purchasing eligible new electric vehicles (EVs).

Information from this report will be required to claim or reconcile a Clean Vehicle Credit on your income tax return for the year the vehicle is placed in service.

The buyer listed on this Time of Sale report is the only buyer that may claim the specified tax credit with respect to the VIN listed. Please ensure all of the information listed, including your TIN/SSN is correct - if any information is incorrect, immediately request that the dealer correct the information submitted.

If you elected to transfer the credit to the dealer, you are required to reconcile the Clean Vehicle Credit on your income tax return for the year the vehicle is placed in service.

If your modified adjusted gross income exceeds applicable income limitations, you will need to repay the full value of the tax credit to the IRS when filing your tax return.

The amount of any down payment assistance or cash payment provided to you by the dealer in exchange for transferring the tax credit must equal the maximum amount of the tax credit allowed for the VIN you are purchasing. If that is not the case, report that information to the form goes on to include information about the vehicle and the seller in order to complete the individual's income tax return.

And if you're not already confused.....

08/06/2024

Deadlines for tax return extensions are coming up. 2023 calendar-year Partnerships and S corporations are due September 16, 2024. Filing late will cost you $235 for each month the return is filed late.

Extensions for personal returns are due October 15, 2024. The penalty for late filing is 5% of any amount due each month, and the failure to pay penalty is 0.5 percent a month up to a max of 25% a year. Taxpayers affected by natural disasters do receive extra time to file. Check irs.gov for disasters that may qualify for delayed filing.

Also due September 16 is the third quarter estimated tax payment for the current tax year 2024.

You'll also want to check your state tax websites for extension due dates. Many states have the same due dates as the Federal, but not all. Virginia is one of those states with different deadlines.

07/20/2024

The IRS issued a warning to taxpayers following false information surfacing on social media about a non-existent “Self-Employment Tax Credit.” Misinformation is leading taxpayers into filing false claims. These bad promoters claim the credit is offered to self-employed people and gig workers and suggest they may be entitled to upwards of $32,000 in payments. Credits for Sick Leave and Family Leave, a far more specialized and technical credit, is actually the underlying credit that is being discussed on social media instead of the “Self-Employment Tax Credit.” Many people do not qualify for this credit, and the IRS is carefully reviewing claims coming in under this provision so people filing claims do so at their own risk.

05/18/2024

So, it's been awhile since I've posted on this page, but I am seeing too many uneducated comments on social media lately meaning people are watching fake news thinking they are being told the truth, especially when it comes to taxation. First, let me just say, Congress has never "taxed the rich" in recent history, anyway. The number of estate tax returns filed in 2001 is 17 times more than in 2021, according to the Tax Policy Center. That number has decreased rapidly because the federal government continues to increase the exemption! In 2001, the estate tax exemption was $675,000. The 2022 exemption was $12.06 million and for 2024, the exemption amount will be $13.61 million! The means wealthy taxpayers will be able to shield $13.61 million EACH or $27.22 million for those Married Filing Joint! How can that possibly qualify for taxing the rich! In fact, it's quite the opposite and has been so over and over again.

Get smart people,do your own homework! Stop believing what you read in the newspapers or see on TV! Don't just accept one source as gospel - look at your own personal tax situation and wouldn't it be great if we all received a $13.61 million exemption!

Address

Pembroke Office/4432 Chelsea St, General Booth Office/1224 Mendelssohn Court
Virginia Beach, VA
23455/23454

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 10am - 5pm
Thursday 10am - 5pm
Friday 10am - 5pm

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