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.
Pass-through entities offer a distinct tax advantage over traditional C-corporations. They are not required to pay federal taxes at the entity level. Instead, each owner must report their share of the business profits, losses, and other tax items on their individual tax returns. This prevents double taxation, a common concern for business owners, where income […]
The IRS and the State of California have extended the deadline for Los Angeles County taxpayers. County residents have until October 15, 2025, to fulfill their tax filing and payment obligations, providing significant relief during these challenging times. Who Qualifies for Relief? Taxpayers with a recorded address in Los Angeles County automatically qualify for this […]
As we welcome the new year, we want to take a moment to reflect on our journey and the opportunities that lie ahead. At Brunner Accounting, we manage all your accounting needs and compliance, enabling you to focus on your business. We aim to connect you with an extensive network of professionals, as we believe […]
What is CalSavers? CalSavers is a retirement savings program for private sector employees in California who don’t have a qualified retirement plan offered by their employer. What do I need to do? If you are an employer with 1-4 employees, you will need to register with CalSavers by December 31, 2025, UNLESS you participate in another retirement […]
Prepare to wrap up 2024 on a high note and kick off 2025 with a solid plan! Here are some strategies to discuss with your CPAs at your upcoming year-end meeting. 1. Optimize Your Entity Structure Do you have the right entity for your needs? Should you make the S-election? Should you have a C-Corp […]
Significant developments in tax regulations related to digital assets will impact reporting processes for both brokers and taxpayers. The IRS has implemented new regulations that require brokers to report sales prices, tax bases, and other details for digital asset trades. After 2024, brokers will use Form 1099-DA to report proceeds from digital asset sales. The […]
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