Remote Services and Tax Protection Plus
Member of the National Society of Tax Professionals NSTP
National Association of Tax Professionals NAPTAX
Prince William Chamber of Commerce Member
2022 INFLATION REDUCTION ACT
Multiple tax provisions are included in the Inflation Reduction Act (IRA) of 2022 affecting millions of taxpayers in the 2023 Tax Filing Season.
CLEAN VEHICLE CREDIT
A taxpayer could claim a credit for each qualified plug-in electric drive motor vehicle. The credit for a new clean vehicle can be up to $7,500. A qualified vehicle must have final assembly in North America. The manufacturer's suggested retail price for vans, SUVs, and trucks cannot exceed $80,000 and for any other vehicles $55,000.
Energy Efficient Home Improvement Credit
The Inflation Reduction Act increases the amount to 30% (previously 10%) of the sum of the amount paid for qualified energy improvements installed during the year. In addition, extends this credit to include property placed in service before January 1, 2033.
HOW I CAN REPORT MY VIRTUAL CURRENCY TRANSACTIONS?
There are many such conversion platforms Some of the better-known ones are:
According to the IRS, Virtual Currency is treated as a property, a digital asset.
For 2022, 1040 a rewording of the crypto question is:
"At any time during 2022, did you:(a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?"
TAX SEASON 2023
The IRS has revised form 1040 for the 2022 Income Tax Return. These are some of the changes:
The filing status for Qualified Widower QW changed to Qualifying Surviving Spouse QSS.
Added Title- Digital Assets
Line 1, 1040 adds specific lines for wages items: (Lines 1a-1z) Some new 10 lines are:
Line 1a- Total amount from Forms W-2
Line 1b- Household employee wages not reported on the Form(s) W-2