March 2017 - RMS Accounting

2022 Changes to the Credit for Electric Vehicles

Oct 3, 2022 | Blog, Business Tax, Personal Tax

Changes in the Electric Vehicle Tax Credit The Inflation Reduction Act of 2022 includes changes to the credit available for electric vehicles. The changes are complex, and phase in over time. If you are in the market for an electric vehicle, we should review the new...

2022 Educator Expense Deduction Increased to $300

Sep 19, 2022 | Blog, Personal Tax

The educator expense deduction has been increased for this year. Now teachers and other educators can deduct up to $300 in out-of-pocket classroom expenses when they file their 2022 federal income tax return. Who qualifies? Anyone who, is a teacher, instructor,...

IRS Announces Penalty Relief Late Filing of 2019 & 2020 Returns

Aug 31, 2022 | Blog, Business Tax, Personal Tax

Penalty Relief: IRS Notice 2022-36 The IRS has announced broad-based penalty relief for certain 2019 and 2020 returns due to the COVID-19 pandemic. The penalty relief will be automatic for people and businesses who qualify. Relief applies specifically to the failure...

Student Loan Debt Forgiveness

Aug 24, 2022 | Blog, Investments, Personal Tax

Today, August 24th 2022, President Biden announced a program to forgive student debt for qualifying taxpayers. According to the announcement, those with qualifying student loans could receive between $10,000 and $20,000 in forgiveness. Pell Grant recipients can...

Settling Financial Affairs When A Loved One Dies

Archives

2022 Changes to the Credit for Electric Vehicles

2022 Educator Expense Deduction Increased to $300

IRS Announces Penalty Relief Late Filing of 2019 & 2020 Returns

Student Loan Debt Forgiveness