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: What to Do If You Receive a 1099-K

Renner Individual News; March 2, 2024 If you sold goods or services in 2023 and received payments through certain payment apps or online marketplaces or accepted payment cards, there’s a good chance you received a third-party reporting document Form 1099-K, Payment Card and Third Party Network Transactions. The Internal Revenue Service (IRS) announced Notice 2023-74 … Continued

Give Your Tax Return a Jolt with EV Credit

Renner Individual News; September 13, 2023 As the demand grows for electric vehicles and incentives to go green with clean vehicles, so too does the number of people claiming the Electric Vehicle credit. If you buy a new electric car, you may qualify for a credit of up to $7,500. The tax credit is nonrefundable, … Continued

Tax Tip: Make Planning a Year-Round Priority

Renner Individual News; August 18, 2023 Tax time comes every April, but there’s plenty you can do throughout the year to stay organized. What you do after tax day can affect the tax you pay or get back next year. Here are some handy year-round tips to assist with your tax planning. Organize Your Records … Continued

Tax Tip: Protect Your Tax Information with an IP PIN

Renner Individual News; June 2, 2023 In this day and age of passwords, pins and two-step authentication, one security tool can make all the difference for taxpayers. Identity Protection PINs are the No. 1 security tool available from the IRS, according to the Electronic Tax Administration Advisory Committee. Taxpayers who participate in the program are … Continued

Tax Tip: Deductible or Not? That is Question for First-Time Homeowners

Renner Individual News; December 12, 2022 Buying your first home can be an anxious experience. Filing your first tax return as a homeowner doesn’t have to be, though, if you know what’s deductible. As a first-time homeowner, you should make yourself familiar with authorized deductions, programs that can assist with home ownership and the use … Continued

Qualified Charitable Distributions Save Tax for Seniors

Renner Individual News; December 2, 2022—Joan M. Renner, CPA, CGMA As the end of the year approaches, many individuals make charitable contributions to reduce their tax bill. Generally, this strategy pays off with higher deductions for those who itemize. However, what about those who take the standard deduction? If you’ve reached age 70½, you may … Continued

Tax Tip: Lessen Sting of Spring Deadline with Fall Foresight

Renner Individual News; November 21, 2022 It’s never too early to start planning and preparing for the next tax season. The deadline to file your 2022 return may still be months away, but there’s plenty you can do to get out in front. “November and December are the best months to start thinking about your … Continued

Tax Tip: Consider Opening a 529 Savings Plan for Your Child

Renner Individual News; October 3, 2022 When something sounds too good to be true … well, you know the rest. Sometimes, though, if it sounds like a good thing, it actually is. Sometimes, there really is no downside. This can be said for 529 plans — tax-advantaged savings plans designed to encourage saving for future … Continued

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