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.