For many car buyers, new electric vehicles (EVs) are priced out of reach, even when tax credits are applied. But it still may be possible to buy an affordable EV and qualify for a credit. Previously owned EVs and fuel cell vehicles purchased from a licensed dealer on or after Jan. 1, 2023, for $25,000 […]
Read More EV tax creditsMajor life changes can greatly affect your tax situation. This is especially true if you get married or divorced. If you experienced one of these events, be sure to address it with your tax advisor as part of your year-end tax planning. Indeed, your marital status for the entire year is determined as of Dec. […]
Read More What is your marital status?From time to time, owners of closely held businesses might need to advance their companies money to bridge a temporary downturn or provide funds for an expansion or another major purchase. How should those advances be classified under U.S. Generally Accepted Accounting Principles (GAAP)? Depending on the facts and circumstances of the transaction, an advance […]
Read More Shareholder advances: Debt or equity?Year-end tax planning season is here. The up-and-down financial markets this year may provide you the opportunity to harvest your losses. This tried-and-true tax strategy may be an option if you’ve realized adjusted net capital gains and are now facing a high tax bill as a result. To soften the tax blow, review your portfolio […]
Read More Year-end tax planning season is hereThe IRS has granted most California residents and businesses extra time to file their 2022 taxes and pay any tax due. During the past year, 55 of California’s 58 counties have been declared federal disaster areas. Indeed, all counties except Lassen, Modoc and Shasta qualify for the tax filing relief. Affected taxpayers now have an […]
Read More IRS grants tax relief for most California residents and businessesHow much can businesses deduct per business mile driven?
Read More How much can businesses deduct per business mile driven?The U.S. Dept. of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced filing relief for taxpayers affected by the terrorist attacks in Israel. Certain taxpayers must annually report their foreign financial accounts to the U.S. Treasury by filing Reports of Foreign Bank and Financial Accounts (FBARs) on FinCEN Form 114. Specifically, U.S. taxpayers must […]
Read More FinCEN announces filing relief for taxpayers affected by events in IsraelIf you’re looking to upgrade job skills, possibly to qualify for a higher-paying position, don’t overlook the Lifetime Learning credit (LLC). Unlike with the American Opportunity Tax Credit, you don’t need to be pursuing a degree or credential to claim an LLC of up to $2,000 a year (calculated as a 20% match of as […]
Read More Lifetime Learning credit can be used for educational expensesTaxpayers affected by recent events in Israel may qualify for tax relief, according to a new IRS notice. Affected individuals and businesses will have until Oct. 7, 2024, to file returns and make payments that originally were due on or after Oct. 7, 2023, and before Oct. 7, 2024. This includes 2022 returns that qualified […]
Read More Tax relief for individuals and businesses affected by events in IsraelIRS says it got $122 million in taxes from millionaires – Business Insider https://bit.ly/46Vwp0D
Read More IRS says it got $122 million in taxes from millionaires
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