HAPPY NEW YEAR
The office will be open Monday, January 15th. The first date of filing with the IRS is January 29th.
For your convenience, you can drop off your documents in the lobby with contact information or send them via TaxPass*.
The IRS reminds taxpayers that the fastest and safest way to receive a refund is to combine direct deposit with electronic filing. Taxpayers can track their refund using the Where's My Refund? tool.
Here are some updates for 2024:
Foreign Account Tax Compliance Act (FATCA) requires reporting on specified foreign accounts by U.S. taxpayers and foreign financial institutions. In general, federal law requires U.S. citizens to report worldwide income, including income from foreign trusts and foreign bank and securities accounts.
The Child Tax Credit is $2,000 for each qualifying child if you meet all eligibility factors.
Child and Dependent Care Credit is nonrefundable. Maximum qualifying expenses are $3,000 for one qualifying person and $6,000 for two or more qualifying persons.
Inflation Reduction Act Provisions includes Energy Efficient Home Credit, Alternative Fuel Vehicle Refueling Property Credit.
Standard Mileage Rates for 2023 Business: 65.5 cents per mile Medical/Moving: 22 cents per mile.
As in the past year, the IRS is continuing its effort to inform taxpayers of the tax consequences when they are dealing in virtual currency and other digital assets.
I plan to work on Mondays, Wednesdays, and Fridays from 10 am to 5 pm by appointment only. I will continue to work remotely.
It has been a pleasure serving you and I want you to know I appreciate your business. I will always do everything possible to merit the confidence you have shown in me.
Urmila Kamath
Registered & Trusted Tax Return Preparer
RAPID TAX & REFUND SERVICES
Email: rapidtaxkenner@gmail.com
Phone:504-465-9829
www.taxpassapp.com. With TaxPass you will be able to upload personal information, upload and submit your W-2s and other supporting documents - all in a secure environment that protects your important data. You can sign your documents anywhere and anytime using an electronic signature on your home computer, smartphone, or other mobile devices.
The IRS reminds taxpayers that the fastest and safest way to receive a refund is to combine direct deposit with electronic filing. Taxpayers can track their refund using the Where's My Refund? tool.
Inflation Reduction Act Provisions
Energy Efficient Home Credit rate is increased to 30% with an annual limit of $1,200 per taxpayer ($2,000 for heat pumps and biomass stoves). Replaces lifetime cap on credits with a $1,200 annual credit limit, including $600 for windows, $500 for doors and $600 each item of other qualified energy property. Increases limit to $2,000 for heat pumps and biomass stoves. Removes eligibility on roofs.
Alternative Fuel Vehicle Refueling Property Credit Taxpayers are eligible for a credit of up to $1,000 for residences and $30,000 for businesses for the cost of any qualified alternative fuel vehicle refueling property installed by a business or at a taxpayer’s residence for Tax Years 2022 – 2032. The credit is the lesser of 30% of the costs or $30,000 for businesses or $1,000 for residences.
Plug-In Electric Drive Vehicle Credit for 2022 The new Clean Vehicle Credits for qualifying electric and fuel cell vehicles do not go into effect until 2023.
Standard Mileage Rates for 2022 Business: 58.5 cents per mile (Jan – June); 62.5 cents per mile (July – December). Medical/Moving: 18 cents per mile (January – June); 22 cents per mile (July – December)