Carmines, Robbins & Company, PLC - CPAs & Business Consultants

The Inflation Reduction Act created several tax credits to promote clean energy! You may want to take advantage of them before it’s too late! President-Elect Donald Trump has pledged to “terminate” the law so it may be repealed in 2025. For example, there’s an Energy Efficient Home Improvement Credit. It covers 30% of the cost of eligible improvements, such as installing energy-efficient windows, doors, and insulation, up to $1,200 a year. There’s also a credit of up to $2,000 for qualified heat pumps, water heaters and biomass stoves or boilers. And there’s a credit for 30% of the cost of installing solar panels. Contact us before making a large purchase to check if it’s eligible! ?? #tidewatervatax #newportnewsbusinesses #hamptonroadsaccounting #newportnewsbusiness #accountinginsight #taxpreparer #smallbusinessaccounting

Employee stock options are a potentially valuable asset for employees who receive them. If you’re one of them, you’ll eventually sell shares acquired by exercising nonqualified stock options (NQSOs), hopefully for a nice profit! ?? Your objectives should be to— 1) Have most or all of the profit taxed at lower long-term capital gain rates 2) Postpone paying taxes for as long as possible. When exercising NQSOs, the “bargain element” (difference between market value and exercise price) is treated as ordinary compensation income. Therefore, it’s subject to federal income tax and payroll tax withholding. You want to unlock the best possible tax results, and we can help with advance planning! Call us today! ?? #tidewatervatax #newportnewsbusinesses #newportnewsbusiness #accountinginsight #taxpreparer #SmallBusinessAccounting #tidewaterva #taxpreparation #hamptonroadsaccounting

Tax season is just around the corner, so it’s time to take proactive steps that may help lower your business’s taxes for 2024 and 2025! The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of bunching deductible expenses into this year or next to maximize their tax value. ??Other ideas: Buy eligible equipment and place it in service by Dec. 31 to claim a Section 179 or 60% bonus depreciation deduction. Eligible businesses also may be able to defer income or accelerate deductions to keep income under certain thresholds to claim a qualified business income deduction. Contact us to customize a plan for your business! We’re happy to help— visit carminesrobbins.com to learn more about our services! ?? #tidewatervatax #newportnewsbusiness #newportnewsbusinesses #accountinginsight #SmallBusinessAccounting #taxpreparation #tidewaterva #taxpreparer

Help ensure your partnership or LLC complies with tax law! ???? When drafting partnership agreements, various tax issues must be addressed. This is also true for operating agreements for multi-member LLCs that are treated as partnerships for tax purposes. For example, you should identify and describe guaranteed payments to partners because special tax rules apply to them! For income tax purposes, a guaranteed payment is one that’s: 1) Made to a partner acting in the capacity of a partner 2) Made in exchange for services performed for the entity or for the use of capital by the partnership, and 3) Not dependent on partnership income. Contact us to be involved in launching an entity and addressing tax issues in the partnership or LLC operating agreement! ?? #tidewatervatax #hamptonroadsaccounting #newportnewsbusiness #accountinginsight #newportnewsva #taxpreparation #smallbusinessaccounting

Business driving may come to mind when you think about tax deductions for vehicle-related expenses! However, businesses aren’t the only taxpayers that can deduct driving expenses! ?? Individuals may also be able to deduct them in certain circumstances. Unfortunately, under current law, you may be unable to deduct as much as you could years ago. For 2018 through 2025, miles may only be deductible in limited circumstances. The 2024, the per-mile rate varies depending on the purpose. For business, it’s 67 cents; for medical driving for eligible itemizing taxpayers, it’s 21 cents; for active-duty military moving, it’s 21 cents; and for charitable itemizers, it’s 14 cents. Have questions? Contact us! Visit carminesrobbinsva.com! ?? #hamptonroadsaccounting #newportnewsbusiness #AccountingInsights #accountinginsight #tidewaterva #tidewatervatax #taxpreparation #newportnewsva

Let’s say you have a sideline activity that you consider a business! ?? Perhaps you offer photography services or sell handmade items online. Will the IRS agree that your venture is a business, not a hobby? It’s an essential question for tax purposes. If the expenses from an activity exceed the revenues, you have a net loss. You can’t necessarily deduct that loss on your federal income tax return. The IRS often claims that money-losing sidelines are hobbies rather than businesses, and the tax rules for hobbies aren’t favorable. However, we may be able to help you prove your money-losing activity is really a for-profit business that hasn’t paid off yet. That way, you can deduct the losses! Contact us today to help us get you on the right path! Visit Carminesrobbins.com ?? #newportnewsbusiness #hamptonroadsaccounting #AccountingInsights #accountinginsight #taxpreparer #tidewaterva #taxpreparation

Unlock your child’s potential by investing in a 529 plan! ?? If you have a child or grandchild planning to attend college, you may wonder about investing in a qualified tuition program or 529 plan. You don’t get a federal tax deduction for contributions, but the earnings aren’t taxed while the funds are in the program. (There may be a state deduction in your state.) You can change the beneficiary without income tax consequences. Distributions are tax-free u p to the amount of the qualified higher education expenses. These include tuition (up to $10,000 for an elementary or secondary public school), fees, books, supplies and required equipment. Room and board are also qualified expenses if enrolled at least half time! Contact us to learn more or visit carminesrobbinsva.com ?? #hamptonroadsaccounting #newportnewsbusiness #AccountingInsights #AccountingInsight #taxpreparer #smallbusinessaccounting #accountingfirm #newportnewsva

INTEREST RATES & REAL ESTATE ?? The recent drop in interest rates created a buzz in the real estate market. ?? Potential homebuyers may now have an opportunity to attain their dreams of purchasing property. If you’re a homebuyer, you may wonder if you can deduct mortgage points paid on your behalf by the seller. The answer is “yes,” subject to some limits. For example, the rule allowing a deduction for seller-paid points doesn’t apply to points allocated to the part of a mortgage above $750,000 ($375,000 for marrieds filing separately) for tax years 2018 through 2025 (above $1 million for tax years before 2018 and after 2025). It also doesn’t apply to points on a loan used to improve a home or in certain other situations. #hamptonroadsaccounting #newportnewsbusiness #AccountingInsights #smallbusinessaccounting #accountingfirm #newportnewsva

Let’s talk electric vehicles! ?? ?? An eligible taxpayer can claim a credit of up to $7,500 for a new clean vehicle. These are qualified plug-in electric vehicles (EVs) and fuel cell vehicles. An EV must meet certain requirements, and there are income limits to qualify. For example, the manufacturer suggested retail price can’t exceed $80,000 for vans, SUVs and pickups or $55,000 for other vehicles. To qualify for the credit, your modified adjusted gross income can’t exceed $300,000 for married joint filers, $225,000 for heads of households or $150,000 for others. Beginning in 2024, you can opt to transfer the credit to an eligible dealer when you buy, effectively reducing the vehicle’s purchase price by the credit amount! Have question? Contact Carmines Robbins! ?? #hamptonroadsaccounting #newportnewsbusiness #AccountingInsights #smallbusinessaccounting #accountingfirm #newportnewsva

It’s officially FALL! ???? We are just one season closer to tax season— give us a call today for more information about our services! ??: 757.873.8585 #hamptonroadsaccounting #newportnewsbusiness #AccountingInsights #smallbusinessaccounting #accountingfirm #newportnewsva #accountingtips