Receiving a notice from the IRS or the Department of Revenue can be unsettling, but it's essential to address it promptly and correctly. Here's a step-by-step guide on what to do if you find yourself in this situation. 
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Notify Cornbelt Financial Immediately:
The moment you receive a notice, don't hesitate to reach out to us. Please upload a complete copy of the notice through our secure client portal. Prompt communication allows us to begin the resolution process swiftly.
Be Cautious of Communication Methods:
The IRS and the Department of Revenue primarily communicate through traditional mail. Be wary of phone calls or emails claiming to be from these entities. The IRS won't call you demanding immediate payment, nor will they initiate contact via email. If in doubt, consult with us before responding.
Confirm the Legitimacy of the Notice:
Before taking any further action, let us review the notice to confirm its legitimacy. Unfortunately, scams and phishing attempts are prevalent. By involving us, we can ensure that the notice is genuine and not a fraudulent attempt to obtain sensitive information or your money.
Understand the Reason for the Notice:
Once we've verified the notice, we will analyze its contents to determine why it was issued. Notices can cover a range of topics, from discrepancies in tax returns to requests for additional information. Understanding the reason is crucial for crafting an effective resolution strategy.
Don't Panic - Stay Informed:
It's natural to feel uneasy when you receive a notice, but it's important not to panic. We are here to guide you through the process, explain the implications of the notice, and outline the necessary steps for resolution.
Remain Patient:
Unfortunately, the IRS and many other agencies are backlogged and understaffed. Additionally, due to their outdated means of communication and resolution channels in place, resolution often takes a long time to achieve.
Follow Our Guidance & Respond Promptly:
If a response is required, we’ll guide you on the specific steps to take for resolution promptly and ensure that the information provided is accurate. Follow our instructions carefully, and if you have any questions or concerns along the way, don't hesitate to reach out. Delays or inaccuracies in your response could lead to additional complications.
Keep Records:
Maintain a copy of the notice and any related correspondence for your records, this includes certified mail receipts. This documentation is valuable for reference and can aid in the resolution process.

Remember, you are not alone in navigating these matters. Our team at Cornbelt Financial is here to support you every step of the way. By taking the right actions and avoiding common pitfalls, we can work together to address the notice efficiently and effectively.

Are you considering the purchase of a NEW electric vehicle (EV), plug-in hybrid, or fuel cell electric vehicle in 2024 or did you purchase one in 2023?
The federal income tax credit for these eco-friendly vehicles is a significant incentive. Here's a breakdown of the key details:

1. Maximum Credit of $7,500:

• All-electric, plug-in hybrid, and fuel cell electric vehicles purchased new, after 2022, could qualify for a federal tax credit of up to $7,500. However, the actual amount depends on factors such as the vehicle's MSRP, final assembly location, battery sourcing, and your modified adjusted gross income (AGI) ​

2. ​Eligibility Criteria:

• To qualify, individuals and businesses must:
  • ​​Purchase the vehicle for personal use, not for resale.
  • Use the vehicle primarily in the U.S.
  • Have a modified AGI below $300,000 for married couples filing jointly, $225,000 for heads of households, and $150,000 for other filers.

3. Vehicle Requirements:

• To be eligible, the vehicle must:
  • Have a battery capacity of at least 7 kilowatt hours.
  • Have a gross vehicle weight rating below 14,000 pounds.
  • Be manufactured by a qualified manufacturer.
  • Fuel cell vehicles are eligible regardless of the manufacturer.
  • Meet the Final Assembly Requirement, indicating assembly in North America.

4. Critical Minerals and Battery Component Requirements:

• For vehicles placed in service after April 18, 2023, the credit amount depends on meeting critical minerals and/or battery component sourcing requirements.
• Vehicles meeting both requirements may qualify for the full $7,500 credit, while those meeting only one receive $3,750.
• MSRP Requirement: The vehicle's MSRP can't exceed $80,000 for vans, SUVs, and trucks, and $55,000 for other vehicles.

5. Final Assembly Location Verification:

• Verify your vehicle's final assembly location using the VIN on the window sticker or the Department of Energy's online VIN Decoder tool.
• For vehicles placed in service after January 1, 2024, the dealer must be registered with IRS Energy Credits Online.

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6. MSRP Definition:

• The MSRP is the manufacturer's base retail price plus the retail price of attached accessories.
• Exclusions: It does not include destination charges, dealer-added items, taxes, fees, or incentives.

7. Filing for the Credit:

• For vehicles placed in service before January 1, 2024, file Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit, with your tax return to claim the credit.
• The credit is nonrefundable, capped at your tax liability, and cannot be carried forward.

8. Changes Starting January 1, 2024:

• Credit eligibility and amount will be determined at the time of sale using the IRS Energy Credits Online website.
• The dealer will complete and submit the time-of-sale report online, providing real-time acceptance or rejection.
• You will receive a copy of the time-of-sale report from the dealer, necessary for claiming the credit.

9. Eligibility Verification:

• Search for eligible vehicles using this link.
• If the vehicle qualifies, you have two options:
  • Claim the credit on your tax return using Form 8936.
  • Transfer the credit to the dealer, reducing your final purchase cost. The dealer will be reimbursed by the IRS.

10. Buyer Responsibilities:

• Dealers aren't required to verify buyer eligibility at the time of sale.
• It's your responsibility to ensure you meet all buyer requirements.
• Dealers must provide modified adjusted gross income requirements for your information.

Navigate the Federal Tax Credit for Pre-owned Electric Vehicles

1. Federal Tax Credit for Pre-owned Electric Vehicles:

• Effective January 1, 2023:
  • Pre-owned all-electric, plug-in hybrid, and fuel cell electric vehicles may qualify for a federal income tax credit.
  • The credit equals 30% of the sale price, capped at a maximum credit of $4,000.

2. Credit Details:

• The credit is nonrefundable, meaning it cannot exceed your tax liability.
• Excess credit cannot be applied to future tax years.

3. Qualification Criteria:

• Pre-owned vehicles must be purchased on or after January 1, 2023.
• Purchase must be from a dealer.
• The sale price should be $25,000 or less.
• The vehicle must have a model year two years prior to the current calendar year.

4. Exclusions:

• Pre-owned vehicles purchased before 2023 do not qualify for this credit.
• New vehicles may be eligible for other credits available.

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5. Who Qualifies:

• Individuals purchasing a qualified plug-in electric vehicle (PEV) or fuel cell vehicle (FCV) under Internal Revenue Code Section 25E may qualify. 

6. Qualification Criteria:

• Be an individual using the vehicle, not for resale.
• Not be the original owner.
• Not be claimed as a dependent on another person’s tax return.
• Not have claimed another used clean vehicle credit in the three years before the purchase date.

7. Income Thresholds:

• Modified adjusted gross income (AGI) limits:
  • $150,000 for married filing jointly or a surviving spouse.
  • $112,500 for heads of households.
  • $75,000 for all other filers.
• Use the modified AGI from the year of delivery or the year before, whichever is less.

8. Vehicle Requirements:

• Made by a qualified manufacturer.
• Sale price must be $25,000 or less.
• Model year at least two years earlier than the purchase year.
• Not transferred after August 16, 2022, to a qualified buyer.
• For use primarily in the United States.
• Gross vehicle weight rating of less than 14,000 pounds.
• Eligible fuel cell vehicle or plug-in electric vehicle with a battery capacity of at least 7 kilowatt hours.

9. Qualified Sales:

• Purchase from a licensed dealer.
• For qualified used PEVs, the dealer provides required information.
• Information includes dealer and buyer details, sale date and price, VIN, battery capacity, and transfer credit details.
• For sales after December 31, 2023, the dealer must be registered with IRS Energy Credits Online.

​For additional information on the Federal Electric Vehicle Tax Credit please contact your Cornbelt Financial representative today. 

When it comes to philanthropy, many individuals are discovering a powerful strategy that not only supports charitable causes but also unlocks significant tax advantages. The key lies in donating appreciated assets, such as financial assets, artwork, antiques, classic cars, etc. and enjoying a deduction based on their current fair market value rather than their original cost. This approach provides a unique opportunity to make a meaningful impact on charitable organizations while optimizing your financial portfolio.

Understanding Appreciated Assets:
Appreciated assets are investments or possessions that have increased in value over time. This appreciation can result from various factors, such as market conditions, rarity, or historical significance. Common examples include real estate, stocks, collectibles, and valuable personal property like art or classic cars.

The Tax Advantage of Donating Appreciated Assets:
One of the significant advantages of donating appreciated assets is the ability to deduct their current fair market value on your tax return, provided you have owned the asset for more than a year. This differs from selling the asset, where capital gains tax may apply.

Example Scenario:
Consider a scenario where you own a valuable piece of art that you purchased for $10,000 several years ago. Over time, the artwork's value has appreciated, and it is now worth $50,000. If you were to sell the artwork, you would incur capital gains tax on the $40,000 appreciation.

However, by choosing to donate the artwork to a qualified charitable organization, you can potentially receive a tax deduction for the full $50,000 fair market value. This strategy not only supports a cause you care about but also minimizes your tax liability.

Considerations Before Donating:

• Qualified Appraisal: To claim a deduction for the fair market value of the donated asset, a qualified appraisal is often required.
  
• Selecting the Right Charity: Ensure that the charitable organization is qualified to receive tax-deductible contributions. Not all organizations have this status.
  
• Timing: Plan your donations strategically, considering both your charitable goals and potential tax benefits.

​Consult with Professionals:
As with any financial strategy, it's essential to consult with financial advisors, tax professionals, and appraisers who specialize in charitable giving and the valuation of specific assets. Cornbelt Financial is here to help with any of these donation related questions.  We can provide tailored guidance based on your unique circumstances. 

By exploring the option of donating appreciated assets, you can align your philanthropic goals with smart financial planning, ultimately creating a win-win situation for both you and the charitable causes you hold dear.​

As we approach the upcoming tax season, getting organized is key to a stress-free experience. To ensure a smooth process, we encourage our clients to start early and compile the necessary documents well in advance. Here's a handy guide to help you prepare for the tax season:
Organization Tips:

• Create a List: Make a list of your income sources and deductible expenses before tax season begins.
• ​Delivery Method: Note whether your documents will be e-delivered or mailed to you.

Plan for Changes:

• Life Events: If you've experienced significant life events such as marriage, the birth of a child, or a change in employment status, ensure these changes are made known with our team.

Individual Taxpayers:
1. Sources of Income:

• W-2s: If you're an employee, gather your W-2s from all employers.
• ​1099-INT, 1099-DIV, & Consolidated 1099 Statements: Collect any forms related to interest, dividends, or capital gains and losses.
• 1099-NEC & 1099-MISC: If you’re self-employed or have a side hustle from freelance income, or miscellaneous income.

2. Possible Deductible Expenses:

• 1098s: Look for forms reporting mortgage interest, student loan interest, and education payments.
• ​Charitable Contributions: Gather documentation for any charitable donations made during the year or charitable mileage driven.
• Additional Items - real-estate, property taxes, medical expenses, mileage, etc.

Business Owners:
1. Financial Statements:

• Income Statement and Balance Sheet: If you use accounting software, have these statements ready. Otherwise, compile a total of your income and a detailed breakdown of expenses.
• ​If you don’t have a Balance Sheet - note the ending balances for your business bank accounts and credit cards.

2. Additional Documentation:

• Mileage Records: If you use your vehicle for business purposes, keep detailed records of your mileage (MileIQ is a great tool for this).
• ​Home Office Expenses: Have documentation related to home office expenses, including utility bills and rent, or mortgage interest.

By taking proactive steps and staying organized, you can navigate the tax season with confidence. Remember, our team at Cornbelt Financial is here to support you. If you have any questions or need guidance, don't hesitate to reach out. Let's make this tax season a smooth and successful one together!

At Cornbelt Financial, we are committed to staying at the forefront of technology to enhance our services and provide an unparalleled experience for our clients. We are excited to announce our adoption of Canopy, a cutting-edge platform that will revolutionize how we manage operations and interact with our clients.

Streamlining Operations for Efficiency
One of the key reasons we chose Canopy is its ability to streamline our internal operations. The platform offers a centralized hub for document management, task tracking, and communication. This means faster response times, improved organization, and a more efficient workflow for our team. 

Enhancing Client Experience through the Client Portal
The heart of this transformation lies in the client portal. This secure, user-friendly interface allows our clients to access their financial documents and stay informed all in one place. This centralized approach ensures that our clients have instant access to the information they need, fostering a more transparent and collaborative relationship.

Benefits of the Canopy Client Portal

1. Accessibility and Convenience: Whether you're at home, in the office, or on the go, Canopy's client portal is accessible from any device with internet connectivity. This ensures that our clients have the flexibility to manage their financial information whenever and wherever they need to.
2. Secure Document Sharing: Security is paramount in financial services. Canopy's client portal provides a secure environment for document sharing. Clients can upload and access sensitive financial documents with confidence, knowing that their information is protected.
3. Real-Time Communication: The portal facilitates real-time communication between our clients and our team. Clients can ask questions, request information, or provide updates directly through the platform all while still being able to use email and phone calls too. This seamless communication channel ensures that everyone is on the same page, promoting collaboration and responsiveness.
4. Task Management: Clients can stay organized with task management features. From document requests to upcoming deadlines, the portal helps clients keep track of their financial tasks, ensuring nothing falls through the cracks.

The Power of Mobility with Canopy's Mobile App
Recognizing the importance of mobility in today's fast-paced world, Canopy offers a robust mobile app. Our clients can now manage their financial matters from the palm of their hand. The app provides the similar functionality as the desktop version, ensuring a consistent and convenient user experience.

Conclusion: A New Era of Financial Management
The implementation of Canopy marks a significant step forward for Cornbelt Financial and our commitment to provide a top-tier service. This innovative platform allows us to offer a more personalized and efficient experience for our clients, helping them achieve their financial goals with greater ease.
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As we embark on this journey with Canopy, we are excited about the positive impact it will have on our operations and the enhanced experience it will deliver to our clients.

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At Cornbelt Financial, we believe that having a comprehensive financial plan is essential for building a strong foundation and achieving your financial goals. Whether you're just starting out on your journey to adulthood or preparing for retirement, a financial plan provides guidance and peace of mind. 
 
Let's explore the four phases of life where a financial plan can make all the difference:

• Welcome to Adulthood: Often overlooked due to a lack of knowledge or affordability, this phase is crucial for setting a solid financial foundation. During this time, we focus on education, implementing good financial habits, goal setting, and making informed decisions. The most valuable asset at this stage is time. By starting early, you can leverage the power of compounding and secure a brighter financial future.
• Life Events: Life is full of significant changes, such as getting married, buying a home, receiving a promotion, or having a child. These milestones come with new financial responsibilities and opportunities. Our financial planning services help you navigate these life events by assessing your current situation, aligning your financial goals, and ensuring a smooth transition. We'll work closely with you to create a tailored plan that fits your evolving needs.
• Mid-Life Evaluation: This phase is often marked by a realization that retirement is approaching, and it's time to assess your financial position. Whether you've fallen behind on your goals or need to make adjustments for the remaining working years, our team can help. We'll evaluate your current financial standing, identify areas for improvement, and develop strategies to ensure you stay on track. Our mid-life evaluation provides peace of mind and a renewed sense of purpose as you plan for your future.
• Pre-Retirement & Retirement: As retirement draws closer, it's crucial to have a clear vision of what lies ahead. Our financial planning services focus on answering important questions such as: Can I retire? What lifestyle changes may be necessary? How should I plan for retirement? Our goal is to provide you with a holistic retirement plan that brings confidence and clarity to your golden years.

 
At Cornbelt Financial, our financial planning services encompass a range of essential elements to ensure a comprehensive approach:

• Investment Advisory Analysis: Determining your risk tolerance and aligning it with your existing investments.
• Balance Sheet Consolidation: Assessing your assets and liabilities, including planning for held-away assets.
• Retirement Stress Tests: Evaluating your retirement plan, including social security and Medicare analysis.
• Cash Flow Analysis: Reviewing your current and projected cash flow for a financially secure future.
• Tax Planning: Developing strategies to minimize your tax liabilities and maximize your savings.
• Insurance Needs Analysis: Assessing your life, disability, and long-term care insurance requirements.
• Education Planning: Helping you plan for education expenses and navigate student loan repayment.
• Estate Planning Checklist: Ensuring your assets are protected and your wishes are documented.

 
By partnering with Cornbelt Financial, you gain access to our expertise and personalized guidance throughout your financial journey. We understand that each phase of life presents unique challenges and opportunities, and we are here to help you navigate them all.
 
Don't underestimate the power of a comprehensive financial plan. Contact us today to learn more about how Cornbelt Financial can create a tailored financial roadmap that aligns with your goals, priorities, and dreams.