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

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

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

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

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

Renner Individual News; August 22, 2022 You may or may not take a vacation this summer. Regardless, if you have children, you could still get a break — a tax break, that is. If you send your children to a day camp, the money you pay may qualify for a tax credit when you file … Continued

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

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

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