Hello everyone. This is Adrian Davis, CPA, dropping some knowledge during tax season for people. It's been a busy season and I just want to share with you all some trends and ideas I've come across this season.
We've had multiple clients come in with receipts of a new or used EV purchase. We've even had a couple of clients who purchased one in 2022 and didn't claim the credit that is worth up to $7,500 for a new EV or $4,000 for a used one. Make sure if you purchased a vehicle in 2021, 2022 or 2023, you took advantage of this tax credit. If you did purchase an EV vehichle and didn't claim a credit, come on in and see us to amend your return and claim the credit.
For self-employed people that have a bunch of income and tax to pay, consider setting up a SEP retirment plan to stash away money that will not be taxed. This is money that will get invested with pretax dollars in which you won't pay tax on it until you take it out.
Ensure if you have to file an S Corp or Partnership return you are filing extensions or actually filing the return by March 15th of each year. The penalty for late filing can be costly to your business. You can usually get the first time waived if you just call and request it. Please give us a call if you need a reliable CPA to ensure you meet deadlines and aren't paying avoidable penalties and interest.
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