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...

Buying an Electric Vehicle? Know These Tax Law Changes

There’s good and bad news if you’re in the market for an electric or plug-in hybrid electric vehicle. The good news is that the newly enacted Inflation Reduction Act includes a wholly revamped tax credit for electric vehicles that starts in 2023 and continues through...

New 62.5 Cents Mileage Rate

The IRS noticed that average gas prices across the United States exceeded $5.00 a gallon and took action. Small businesses that qualify to use and do use the standard mileage rate can deduct 62.5 cents per business mile from July 1 through December 31, 2022. That’s up...

Know These Four Magic Business Mileage Rules

When you know the rules related to business mileage, you protect yourself in the event of an IRS audit, and pay less tax.   Take Henry, for example. Before he knew the mileage rules, he deducted 30 percent of his SUV’s cost. Once he learned the rules, he deducted...