Individuals and businesses purchasing a qualified energy-efficient vehicle in 2023 may receive tax credits.
Qualified Plug-In Electric Drive Motor Vehicle Credit
For individuals, a credit of up to $7,500 is available for qualifying vehicles purchased in 2023.
Commercial Clean Vehicle Credit
For businesses, a credit of up to $40,000 is available when a clean commercial vehicle is purchased in 2023. The availability of this credit and limitations vary depending on individual circumstances.
Clean vehicles may offer environmental benefits with tax incentives. If you’re in the market for a vehicle, be sure to discuss these opportunities with your CPA.
What does conducting business in California actually mean? There has been a lot of confusion around this topic, and it’s only increased in complexity since people working remotely and moving to other states either temporarily or permanently became more common during and after the pandemic. When is someone considered to be conducting business in California? […]
We recently participated in a panel discussion titled “Exit Chronicles—The Journey to a Successful Business Exit.” The panel featured practical advice from CPAs (including us), wealth advisors, estate planning attorneys, business attorneys, bankers, business brokers, and M&A advisors. Here is the link for the whitepaper. Below, we’ve outlined 3 key takeaways from a CPA’s perspective. Accuracy of […]
We recently participated in a panel discussion titled “Exit Chronicles—The Journey to a Successful Business Exit.” The panel featured practical advice from CPAs (including us), wealth advisors, estate planning attorneys, business attorneys, bankers, business brokers, and M&A advisors. Here is the link for the whitepaper. Below, we’ve outlined 3 key takeaways from a CPA’s perspective. Accuracy of […]
Many of us travel for business, but end up adding a few days to also enjoy ourselves. Here are some things to think through as you figure out what is and isn’t tax deductible. Are my meals while travelling entirely tax deductible? No! Meals bought while out on business are 50% deductible. Tip: if you […]
Ramping up to the election, we get lots of questions about potential tax changes. Below are some proposals that are on the table – summarized in plain English! Increase to Top Marginal Tax Rate The proposal is to let the 2017 tax cut expire, raising the top federal rate from 37% to 39.6%. Increase to […]
You might have heard of the Corporate Transparency Act and the new filing requirement called the Beneficial Ownership Information report. Well, its real, and of course the penalties are high for non-compliance – up to $10,000! Below is a quick summary so you know what it is. Reach out if you need more detail, and […]
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