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...
All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will begin to phase out: 100 percent bonus depreciation. Since late 2017, businesses have used bonus depreciation to deduct 100 percent of the cost of most...
Okay, so you took the big Section 179 expensing deduction on your vehicle. How do you keep it? You might wonder: What do we mean by “keep it”? In tax law, there’s no free lunch. The Section 179 deduction comes with “recapture strings” attached. When you claim your...
How do you avoid losing money by making the wrong choice? You may not have considered the choices you have for deducting the assets that you buy for your business. Example To create some perspective, let’s say you have seven employees who now work at least two...
It’s time to examine your existing cars, SUVs, trucks, and vans for some profitable year-end business tax deductions. Your first step is to identify your gain or loss on sale. Once you have the gain or loss, know these basic rules: • Gains attributable to depreciation...
