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...

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...

Take Advantage of the Once-in-a-Lifetime IRA-to-HSA Rollover

Health Savings Accounts (HSAs) are designed for use alongside high-deductible health plans, assisting you in covering your medical expenses. They can also function as an incredible retirement account due to their triple tax benefit: • You can deduct contributions from...

One Ugly Rule for S Corp Owners Deducting Health Insurance

When your S corporation covers or reimburses your more-than-2-percent-shareholder-employee health insurance expenses, it classifies the payments as box 1 W-2 wages but not box 3 or box 5 wages. When calculating the amount eligible for the Form 1040 self-employed...