*2025 Tax Season Postcard Coming Soon*

The 2024 Tax Season Postcard is a great reminder that the tax season is upon us.  It can also convey some high level points to be aware of for the current year.  Hopefully you are here because you read the postcard and came to the website for the full and complete details on this upcoming tax season.  Thank You!  

The 2024 Tax season is fast approaching.  The IRS has announced that the E-File system will open on January 27th, 2025.  Any return prepared before that date will be filed and automatically transmitted when the IRS E-Filing opens.  Per Federal Law (PATH Act) ANY return containing the Earned Income Tax Credit or the Additional Child Tax Credits will have the refunds delayed by the IRS until February 15th or later.  

We have a full staff of tax professionals ready and willing to work on tax returns for the next few months.  We prepare taxes in-person where we prepare your tax return while you sit at our desk.  Preparing the return in this way allows us to ask and answer questions which has worked exceptionally well over the decades. We also offer a drop-off service for our clients who do not have the time to sit down with us for their taxes. For more information on how our tax preparation process works, click 'HERE'. 

This tax year is mostly about Clean Energy and Energy Efficiency.  If you installed new doors, windows, insulation, furnace, central air, water heaters, boiler, or a Home Energy Audit, you may qualify for a tax credit that can reduce your tax.  Then there are tax credits on Geothermal Heat Pumps, Small Wind Turbines, and Solar Energy Systems.  If you use Battery Storage or Fuel Cells with clean energy you may also qualify for a tax credit.  These are non-refundable tax credits, which basically means you need to have tax that you owe for the tax credit to help you.  If your tax liability is already down to zero, then this tax credit does not help you.

If that wasn't enough, you may be able to receive a tax credit for plug-in electric vehicles.  This new credit can potentially reduce your tax bill provided you qualify.  The rules regarding this credit are based around your income and the vehicle.  These must be new or used vehicles from a dealership.  You cannot purchase a used vehicle from someone and receive the credit, it must be from a dealership.  In addition, a used vehicle can only receive the tax credit once in the vehicles lifetime.  If you purchased a new or used Electric Vehicle in 2024, or plan to do so in the future, then ask your tax preparer for some details when you come into the office.  Both the Clean Energy Credit and the Energy Efficiency Credit are available for tax years 2023 through tax year 2032!

The 2017 Tax Cuts and Jobs Act (TJCA) is set to expire at the end of the 2025 calendar year. Ask your tax preparer how this might affect your tax return for the 2026 calendar year. We will keep our eyes peeled to see if Congress will extend the TJCA tax laws or if they will let them expire as they are currently set to do. Check back here for more information throughout the year!

I hope this helps to provide a greater amount of detail than what can be conveyed in the post card. 

Best Regards,

Acc-U-Rite Tax