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.
When hiring household employees, being aware of your responsibilities as an employer is important. Here are some essential factors to consider: Who is considered a household employee? A household employee is someone you hire to work in or around your home and have control over their tasks and how they are carried out. This includes full-time […]
Thinking of selling your rental property or converting it into your home to save on taxes? With the right approach, you can reduce or defer capital gains taxes and make the most of your investment. Here’s how strategic tax planning can help: 1. Reduce Taxes by Converting Your Rental Property to Your Primary Residence […]
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 […]
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