The Inflation Reduction Act (IRA) has brought significant changes and expansions to energy tax credits available to homeowners, offering a range of financial incentives for
As the world continues to embrace sustainable transportation options, electric bicycles (e-bikes) are gaining popularity as an energy-efficient alternative for commuting and daily travel. For
As a business owner, embracing sustainability isn’t just good for the planet—it’s good for your bottom line too. The 2024 tax year brings a host
As the 2024 election approaches, Vice President Kamala Harris, the Democratic nominee for president, has outlined her tax policy agenda, which largely builds on President
The landscape of electric vehicle (EV) tax credits has evolved significantly in 2024, offering more immediate savings and stricter compliance requirements for both consumers and
Combining business travel with personal leisure can be a smart way to take a break while also saving on taxes. By ensuring that the primary purpose of your trip is business-related and keeping thorough records, you can maximize your deductions and enjoy some well-deserved downtime.
This blog post explains why S corporation owners shouldn’t rent their home office to their business and instead opt for employee reimbursement. It outlines the tax-efficient strategy of having the S corporation reimburse the owner for home office expenses, detailing the process and benefits of this approach for maximizing tax savings.
This post explains how business owners can get a valuable tax deduction by writing off the remaining basis of an old roof, elevator, HVAC system or other building components when replacing them. It covers the three key benefits: an immediate tax deduction, reducing depreciation recapture tax later, and the time value of investing the upfront tax savings. An example illustrates just how lucrative this strategy can be for boosting cash flow.
Closing your sole proprietorship or single-member LLC? Understanding the tax implications is crucial. Selling your business assets triggers various tax considerations, including special rules for real estate, different tax treatment for various assets, and non-compete agreement payments taxed as ordinary income. Navigating these tax implications requires careful planning. We’re here to help at IRSProb.com
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