We have been spending the summer preparing for the upcoming tax season. Each year we see changes to tax law that increase the amount of time to complete each return. We also have many clients who don't receive all of their tax documents until mid-March or later. Since we have to assume an April 15 filing deadline, we have been reviewing our processes to determine the best way for our office to serve our clients within the current environment…

The Inflation Reduction Act of 2022 was signed into law this past summer and includes new and reinstated tax laws that will affect individuals and businesses, such as the clean vehicle credit… 

The Inflation Reduction Act of 2022 includes the “non-business energy property credit” that allows you to claim a tax credit on your federal income taxes equal to 30% of eligible expenses for a residential solar system…

Separate from the federal tax credit for electric vehicles, beginning July 1, 2022, Illinois residents that purchased a new or used all-electric vehicle from an Illinois-licensed dealer are eligible for the following rebates…

Some items to keep in mind for the 2022 tax year…