Tax Credits for Electric Vehicles: The Latest from the IRS

The IRS recently issued new guidance on electric 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: 1. Purchase an EV, and claim the clean vehicle credit.2. Lease an EV, and benefit from...

Using Family Loans to Secure Better Home Loan Interest Rates

Here’s some information on how you can help a family member buy a home by making a loan to them while ensuring that you and the family member benefit from a tax-smart loan structure. First, with the current national average interest rates for 30-year and 15-year...

Basic Estate Planning

Previously, we discussed tax issues that arise when a financially comfortable loved one has passed away. We also covered some of the non-tax issues you will have to deal with as the executor of the estate.   You need an estate plan, regardless of whether or not...

Know the $75 Rule for Business Expenses

The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize that this rule does NOT apply to all tax deductions.  Many taxpayers mistakenly apply the $75 rule to all their tax deductions, which can result in a significant loss...

If I Hire My Kids, Can I Give Them Tax-Free Education Benefits?

Working at a tender age is an American tradition. If your children work in your business, consider giving them education fringe benefits. Doing this right creates• tax deductions for the business, and• tax-free fringe education benefits for the child. You can...

Business Gym for Your Employees, and Maybe You Too

To be tax-deductible, your gym or other athletic facilities must be primarily for the benefit of your employees—other than employees who are officers, shareholders, or other individuals who own a 10 percent or greater interest in the business, or other highly...