Does My Electric Vehicle Get a Tax Credit?

Does My Electric Vehicle Get a Tax Credit?

Recent legislation (the Inflation Reduction Act of 2022 or IRA 2022) updated the requirements related to electric vehicle purchases made after August 16, 2022. As a refresher, taxpayers may qualify for a federal income tax credit up to $7,500 for the purchase of a...
IRS Mileage Rates for 2024

IRS Mileage Rates for 2024

The IRS has announced the 2024 standard mileage rates. These rates are for calculating the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning January 1, 2024, the standard mileage rates for the use of a car...
The Interplay Between IRC Sections 174 and 41

The Interplay Between IRC Sections 174 and 41

There have been many uncertainties and questions regarding the treatment of Internal Revenue Code (IRC) 41, Credit for Increasing Research Activities, as changes to IRC 174, Amortization of Research and Experimental Expenditures, came into play in tax year 2022. ...
2024 IRS Inflation Adjustments for Individual Taxpayers

2024 IRS Inflation Adjustments for Individual Taxpayers

The IRS has announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024. This includes updates to tax rate schedules and other tax changes, as detailed in Revenue Procedure 2023-34:   The 2024 Standard Deduction is increased shown in...
15 Things to Consider Before the End of 2023

15 Things to Consider Before the End of 2023

Now is the time to implement year-end tax planning strategies to mitigate tax liabilities for 2023. Below are our top tax planning strategies to consider: 1. Charitable Contributions Consider lumping 2 years of planned charitable contributions into one year to take...