What is the electric vehicle tax credit? First things first: what electric vehicle tax credit is available for vehicles purchased on or after January 1, 2023? For new electric vehicles: Electric vehicles — also commonly called clean energy vehicles (we’ll be using both terms in this article) — purchased new on or after January 1,
Residential Clean Energy Property Credit Making clean energy upgrades to your home? You could save on taxes with the Residential Clean Energy Property Credit, which kicked in on January 1, 2023, and carries through until January 1, 2033, when it begins to phase out. This home energy tax credit has no annual or lifetime limit
The Tax Cuts and Jobs Act (TCJA) was passed into law in 2017, but its effects are still being felt years later. A number of the law’s provisions have already expired or will do so soon. The present deduction for research and experimentation (R&E) costs was one provision that ended last year. R&E Expenses Numerous
On August 16, 2022, the Inflation Reduction Act was signed into law. Included in this act are several tax credits focused on green initiatives. You may be wondering… what are these new tax credits in the Inflation Reduction Act? And how can I benefit? Here’s how to take advantage of the new tax credits in
The fuel tax credit should not be overlooked by businesses looking to lower their tax bills or boost their refunds. It is applicable to fuel used for nontaxable purposes that were taxed at the federal level. When is the federal fuel tax applicable? The federal fuel tax is levied on consumers of gasoline, undyed diesel
The research and development (R&D) credit, a credit for increasing research activities, is a valuable tax break for eligible businesses.
The IRS recently released information on how to check eligibility, opt-in for non-filers, and opt-out of the advance child tax credit payments as part of the ARP.
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA). Here’s a rundown of the rules.
There’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.
If you’re a business owner, be aware that the Work Opportunity Tax Credit, a credit for hiring individuals from one or more targeted groups, has been extended.