Due to continuing IRS changes, here are a few FAQ that will hopefully answer some of your questions.

1.)   I received a bill from IRS regarding interest and penalties for not paying quarterly estimates. Why am I receiving this? IRS will charge interest and penalties for not prepaying throughout the year, regardless of the source of income. To avoid/limit future interest and penalties, we recommend you review your withholdings from all income sources to verify you are paying enough in. You can then make any adjustments to your withholding or work with your tax consultant to set you up on estimated tax payments.

2.)   How do I know if my vehicle qualifies for the interest deduction? Go to vpic.nhtsa.dot.gov/decoder and enter your vehicle information to determine if you are eligible for the credit. If your vehicle qualifies, you will need to discuss with your tax consultant regarding what additional information they will require to claim the credit on your tax return.

3.) If you are mailing anything to IRS or to your State, it is important that you mail them "certified". IRS is stating that they will no longer accept the stamp date from your local post office. They are stating that if you mail anything regular mail, to allow MINIMUM of a week timeline for it to be postmarked. Everything will go through a central hub and at which time will receive a postmark date. As of now, the only way around this is to certify your mail or pay any payments due, online. Please reach out to your tax preparer to discuss options that fit your needs.