700 N. Fairfax St. Suite 400 Alexandria, VA 22314

Ph: 703.535.1200 | Fx: 703.535.1205

700 N. Fairfax St. Suite 400 Alexandria, VA 22314 Ph: 703.535.1200 Fx: 703.535.1205

Tax Tip: Inflation Reduction Act Provides Credits for Electric Vehicles

Renner Individual News; September 7, 2022 As we drive into the future, it seems inevitable that we’ll be doing so in electric vehicles. Electric vehicles represent less than 1% of vehicles in the U.S. today, but the numbers continue to rise exponentially. At the end of 2021, more than 10 million vehicles worldwide were battery … Continued

On Extension? Seven Reasons to File Your Tax Return Now

Renner Individual News; July 29, 2022 According to the Internal Revenue Service (IRS), an estimated 19 million taxpayers requested an extension to file their 2021 tax return. However, just because you have more time doesn’t mean you should use all of it. There are a number of good reasons to file your return as soon … Continued

Virginia 2022 Tax Update: New Laws Promise Savings for Many

Renner Individual News; July 21, 2022 The Virginia General Assembly enacted legislation as of July 1, 2022, that will result in tax savings for many Virginia taxpayers for 2021 and beyond. Here is a summary of the major updates: The Virginia standard deduction for 2022 increases from $4,500 to $8,000 for single filers and from … Continued

Time to Revisit 2022 Estimated Tax Payments

Renner Individual News; July 13, 2022 If you’re like many individual taxpayers, you probably find quarterly estimated tax payments a fundamental challenge.  You owe tax on your income as you earn it, throughout the year. However, you don’t know for sure how much tax you owe until you complete your return, after the year is … Continued

Cryptocurrency and Virtual Currency: Complex and Taxable

 Renner Individual News; December 15, 2021 Virtual currency transactions are taxable by law just like transactions in any other property. The IRS is aware that some taxpayers with virtual currency transactions may have incorrectly reported or failed to report income and pay the related tax. The IRS is actively addressing potential non-compliance in this area. … Continued

Virginia’s Return To Earn Grant Program

Renner Business News; July 29, 2021—Paige Mason, CPA On May 31, 2021, Governor Ralph Northam invested $3 million in the newly launched Return to Earn program for Virginia workers and small businesses. The program matches up to $500 paid to a new employee, up to 25 new employees, for childcare, transportation, or other barriers to … Continued

Child Tax Credit and Other Changes Affect Families with Children

Renner Business News; July 15, 2021—Justyna Zuchmanska, CPA Recent changes in the American Rescue Plan Act of 2021 affect families with children. The tax changes increase the child tax credit, the child and dependent care credit and dependent care flexible spending account limits (DCAP). These are temporary changes and apply only for 2021. Credit Increased … Continued