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Don’t leave your money behind

Arriving in the mail for many of us starting this past weekend was a piece of information that would be profitable not to misplace: the MV-1 form from the West Virginia State Tax Division, which indicates how much of a personal property tax credit you’re eligible for on your 2024 taxes.

If you recall, the West Virginia Legislature approved legislation in 2023 as part of its tax-cut package that will credit, in full, all taxes paid in a calendar year on your vehicles — as long as those taxes are paid in full and on-time. The MV-1 form, which you will provide to your tax return preparer, for the 2024 tax year indicates how much of a credit you’re eligible for based on taxes paid in the last half of 2023 and also all of 2024, as the legislation took effect on July 1, 2023. Starting with taxes paid for 2025, the credit will be based on a full calendar year only.

This is a big deal. Consider: if you don’t owe any state income tax for 2024 and the state doesn’t owe you a refund based on your taxes paid, yet you paid $1,500 in personal property tax for the last half of 2023 and all of 2024, you’ll get a $1,500 check from the state. It’s important to keep an eye out for this letter in the coming days.

If you don’t receive a letter yet believe you are eligible for the credit, you can visit mytaxes.wvtax.gov.

Wheeling CPA Jeff Yourkovich is urging residents to not rush to file taxes this year, as that could potentially leave money on the table.

“I always caution against starting soon and rushing in to file,” Yourkovich said. “They file, then they get more information and have to make a change. Rushing doesn’t always help.”

Due your due diligence here. Don’t leave potentially thousands of dollars on the table. If you paid your personal property tax on your vehicles on time in 2023 and 2024, collect the credit and put it to good use.

You’ve earned it.

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