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.
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 […]
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 […]
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