Month: May 2025

What is Tax Debt Relief and How Can It Help You?

Written by Paul Belfiore on May 30, 2025. Posted in Blog, Taxes.

Brookline, NH Resident Seeks Help from Her Tax Burden

The IRS offers tax debt relief for those that owe money in taxes but cannot afford to pay it all back in one lump sum. One of the most common forms of tax debt relief is an IRS payment plan. This can be a short-term or long-term plan to make it more manageable to pay off your tax debt. Another option is to negotiate the amount you owe, in an effort to bring down the total, by applying for an OIC (offer in compromise). If accepted by the IRS, this can reduce your total debt and lay out a payment plan that works for you.

How Do EV Tax Deductions Work?

Written by Paul Belfiore on May 16, 2025. Posted in Blog, Taxes.

Milford, NH Resident Has Questions

The EV tax credit is a federal tax advantage for those that purchase a new or used electric vehicle. New electric vehicles can offer a tax deduction of up to $7,500, while car buyers purchasing a used EV may quality for up to $4,000 in tax deductions. Buyers can opt to claim this credit when filing their taxes or they have the option to transfer the credit to an eligible car dealer and choose an immediate discount on the purchase of the vehicle in lieu of a future tax deduction. There are income limits for taking advantage of this tax deduction. To qualify for a new EV tax deduction, single filters must have an income below $150,000 and below $300,000 for those filing jointly. The used EV tax deduction is only available for single filers with an income below $75,000 and $150,000 for married couples filing jointly.