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Mallory Vincent, CPA and Colby Ryan • 

If you have purchased a new “clean vehicle” after April 18, 2023, you may qualify for a credit of up to $7,500. To qualify for the credit, your Adjusted Gross Income (AGI) must be below certain limits, which are determined by your filing status (the limits are $300,000 for married filing jointly, $225,000 for head of household, and $150,000 for all other filing statuses). You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in one of the two years, you can claim the credit.
 

The Internal Revenue Service issued the 2025 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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Beginning on Jan. 1, 2025, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
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The Social Security Administration (SSA) has announced that the maximum earnings subject to Social Security (OASDI) tax will increase from $168,600 to $176,100 in 2025. The maximum Social Security employer contribution will increase $465 in 2025. These changes reflect cost-of-living adjustments (COLA) to account for inflation.​
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Mallory Vincent, CPA and Colby Ryan • 

What is the Estate and Gift Tax Exclusion? The Estate and Gift Tax Exclusion sets the threshold at which estates and individuals begin paying federal taxes based on their net worth and gifts given to others. This means estates do not pay federal taxes until they exceed this total value of all of their assets. 

Brenda Quinn, EA • 

As the end of 2024 draws near, many people are embracing the season of giving. Whether you’re considering personal gifts for friends and family or thinking about making a meaningful contribution to charitable organizations, now is the perfect time to plan ahead. Please find some information below related to gifting.