4 results for tag: Tax Credit


2023 Last-Minute Vehicle Purchases to Save on Taxes

Questions: Do you need a replacement business car, SUV, van, or pickup truck? Do you need tax deductions this year? Do you need a tax credit to offset what you owe to the IRS? If you answered yes to any of these questions, you need to examine this article and get ready to smile. Thanks to the Tax Cuts and Jobs Act (TCJA), you can write off the full business cost of certain vehicles, 89 percent of other vehicles, and up $20,200 for other vehicles. If you plan on purchasing an electric vehicle or a plug-in hybrid electric vehicle, you may qualify for a tax credit of up to $7,500. Get the Timing Right Don’t procrastinate. If you ...

Tax Credits for Your Electric Vehicles: The Latest from the IRS

After a many-month-long wait, the IRS has finally issued its proposed regulations for the new clean vehicle tax credit and the commercial clean vehicle credit. With this new IRS guidance and its previous guidance, we have answers to most of the questions about how Electric Vehicle (EV) credits work. The credits are available for qualifying fully electric cars, plug-in hybrid EVs (PHEVs), and fuel cell vehicles. There are four ways you can potentially benefit from a federal tax credit for an EV you place in service in 2023 or later: Purchase an EV, and claim the clean vehicle credit. Lease an EV, and benefit from the lessor’s EV ...

New Law Improves Energy Tax Benefits for Biz Owners and Landlords

The newly enacted Inflation Reduction Act contains tax credits and depreciation benefits for owners of commercial property and residential rental properties. If you implement various types of renewable energy improvements, you can qualify for hefty tax credits or deductions. Caution: The rules are complex. That said; bear with the rules because the benefits are worthwhile. Business Energy Investment Tax Credit The Business Energy Investment Tax Credit (ITC) is used primarily for solar panel installations on commercial buildings and residential rentals. The ITC has been available and continues for small wind power installations, Fuel ...

2020 Last-Minute Year-End Retirement Deductions

Your Retirement Clock continues to tick; all of a sudden, your retirement is one year closer. You have time before December 31, 2020, to take steps that will help you fund and build the retirement you can look forward to. Please take a few minutes to review our thoughts and recommendations for your Retirement Plan Tax-Reduction. There might be several thousand dollars (and maybe much more) in your pockets by taking the Actions that we recommend in this article. But you'll need to act now to be rewarded. The Big Picture: Think About Tomorrow Today 1. Establish Your 2020 Retirement Plan First, a question: As you read this, do you ...