Thomas PM Perry CPA, LLC

While the credits for buying an electric vehicle and installing a home charger sound great, it is prudent to have your CPA run a tax projection before committing if the main reason is said tax credits. While a 30% credit for a charger is often touted, in reality, if you install it in the same year as you buy your vehicle, you could be in for a shock come tax time.

The reason? To qualify to claim it, you have to calculate what your tax would be under the alternative minimum tax system. If your adjusted AMTI is at a certain point (very likely in the year you buy the vehicle), the credit is disallowed.

The worst part? Under current legislation, it will not carry over meaning it is gone forever.

Contact us today, if you would like us to run the numbers before you make a decision on your next vehicle, that may not be as financially great as it sounds.

As a note, I have an EV myself and ran the numbers prior, but I am seeing more and more clients caught out and disappointed by the dark side of this credit that no one talks about.

Have you still not filed your 2020 tax return? If not, now is a critical time to get it done. The IRS has announced that they are going to waive the failure-to-file penalty, which would be 25% of tax due as long as you are filed by September 30, 2022. While you will still pay the failure-to-pay penalty, that is only 6% per year, so filing and paying before September 30 will mean your penalty is only 9.5%, rather than 25% by filing after. Depending on your situation, we may also be able to have that 9.5% penalty abated or reduced.

Contact me today and make an appointment. While most CPAs are too busy right now to take on prior year 1040’s, I will get started right away.

IRS to refund a 'very welcome' $1.2 billion in late-filing fees for nearly 1.6 million taxpayers The IRS will waive penalties for many Americans who late-filed tax returns during the pandemic. Here's how to know if you qualify.

Did your CPA extend your return? Are you still waiting to have clear guidance on when it will be finished despite your efforts to get the data in? If so, it may be time to consider shopping elsewhere and finding a CPA that cares about you, not just your money.

I turn all my returns around within 5-7 business days. They are efficient, accurate and backed by my audit/tax preparer error guarantee at no extra cost to you. Don't feel like you need to wait around until your CPA can fit you in; contact me today and we can get started right away. I specialize in business and individual taxes.

Appointments 2 — Thomas PM Perry CPA, LLC Book an appointment today. Whether you are a new or existing client, I have an option for you. Please book some time to speak to me today via the links to the left.If you do not see a day or time that works for you, please use the contact form to get in touch. I am happy to work around your schedule...

Did you follow the list below when picking your tax preparer for 2021? Were you happy with your choice? If the answer to the second question is no, let's talk and see what I can do to help you for 2022 and onwards.