Posts by becky333
Tax Law Changes for Electric Vehicle Credits
Here are six things to know from this article: The qualified plug-in electric vehicle credit remains in place through December 31, 2022, but if you purchased a qualifying electric vehicle after August 16, 2022, it must have been assembled in North America. The credit maximum remains $7,500. A new clean vehicle tax credit takes effect…
Read More$80 Billion to the IRS: What It Means for You
For the business owner and tax practitioner, the most important part of the Inflation Reduction Act of 2022 was not the tax credit for flashy new electric cars. It was something much more basic: a long-term budget commitment to help the struggling, failing IRS. The Inflation Reduction Act invests an additional $80 billion in the…
Read MorePass Through Entity Tax
Maybe the least popular change brought about by the Tax Cuts and Jobs Act (TCJA) was a first-ever cap on the federal personal income tax deduction for state and local taxes. From 2018 through 2025, the TCJA caps itemized deductions for state income taxes (or general sales taxes if elected instead of income taxes), state…
Read MoreLast Minute Tax Moves
Here’s an easy question: Do you need more 2022 tax deductions? If yes, continue reading. Next easy question: Do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate the first problem (needing more deductions) and the second problem (needing a replacement vehicle) if you can get your replacement vehicle in…
Read MoreFree Business Tax Webinar on November 3rd, 2022!
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Read MoreLast Minute Business Tax Deductions for 2021
The purpose of this post is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are six powerful business tax deduction…
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