BELAND TAX SERVICE
                       Redmond, Oregon 

 

  HEALTH INSURANCE

If you are on marketplace insurance (  Obama Care) I will need the form 1095A which

they send you and year end.  You can also get it on line from their website.  Remember there are income restrictions on this insurance, and if you income goes above what you told them when you signed up, you will owe money back or you may get a credit if you earned less than the limitation. And of course you folks in CA and MA will need to send me proof of insurance.  

PORTAL

Please continue to use my portal.  It made things much simpler and quicker last year.  I will send you another link in case you have misplaced your password. Upload your documents to the portal please.

 

Here are some things that confuse all of us including me?

SOLAR CREDIT

Solar credit is 30% of the amount you paid for the solar,even if it’s financed, including all expenses. 

However the solar tax credit can save you money on your tax bill, but the amount of your credit can’t exceed the total amount you owe. That’s because the credit is “nonrefundable,” in tax speak. Put simply, if the credit reduces your overall tax bill below zero, the IRS is not going to cut you a check for the difference. You can, however, “carry forward” any unused portion of your tax credit can be used for up to 3 years after initial installation. No income limits for this credit.

ELECTRIC CAR PURCHASE

Here is a link to a list of cars eligible for the credit:

  Here are the cars eligible for the $7,500 EV tax credit in the Inflation Reduction Act in 2023 | Electrek

 

The credit itself  varies in amount  Remember this is also a non refundable credit, meaning it

Is used to offset you may owe.  If you owe no federal tax there is no credit.   Credit cannot be carried forward

There are income limitations for this credit.

• Married filing jointly or filing as a qualifying surviving spouse or a qualifying widow(er) - $300,000

• Head of household - $225,000 all others $150,000

EDUCATION FOR DEPENDENTS

The Lifetime Learning Credit is phased out for taxpayers with modified adjusted gross income in excess of $80,000 ($160,000 for joint returns). Remember that the student must be your dependent for this education credit. I will need the 1098T from the college. Speaking of dependents – if your child/student gets a w2 and you have been deducting him/her as a dependent, please let me know about the W2 so I can figure out how he/she should file (dependent of another).

EARLY FILERS:

Be aware that you may receive tax documents such as 1099K’s after the Feb 29th deadline.

So please be sure to wait for all documents.  You can  usually download your w2’s and mortgage statements from appropriate websites.

 

Miscellaneous

  Estates of decedents who die during 2023 have a basic exclusion amount of $12,920,000

 

The annual exclusion for gifts increases to $17,000 for calendar year 2023,

 

Withholdings for federal were too low for many people.  Be sure to consult your HR

and fill out a new W4 if you are in that category.

 

If you need a TAX ORGANIZER, I will be happy to email you one with your 2022 info filled in.

There is also an organizer on the portal.  There is a payment by credit card in the portal also.

Of course I am here to answer questions.  The IRS will take efiled returns after the 29th of January, so I will be efiling after that.  I will be able to file any state for you, as well as some city/county tax returns and

Franchise returns that you may need to file.

And please sign the form 8879 promptly so I can  efile your return.