In the midst of holiday parties and shopping for gifts, don’t forget to consider 2023 year-end tax planning strategies for your business. You still have time to take advantage of a few opportunities. Time deductions and income If…
The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars,…
If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason…
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up…
As a manufacturer, you might be looking to maximize your tax benefits as the end of the year approaches. One proven method is to maximize tax breaks relating to depreciation. In some cases, your company may realize…
The IRS announced that it’ll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year. In fact, as of June 13, the…
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently…
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 taxes. You still have time to execute a few strategies. Purchase Assets Thinking about buying new or used equipment, machinery, or…
We originally published this article in late 2021 but thought it relevant to re-share. We updated data for 2023. Do you use an automobile in your trade or business? If so, you may question how depreciation tax…
We originally published this article in 2021 but thought it relevant to re-share. We updated data for 2023. If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some…
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