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Clean Vehicle Credits Under the Inflation Reduction Act

CPA Practice

By Mike D’Avolio, CPA, JD. 16, 2022, and provides numerous tax deductions and tax credits for individuals, families, and businesses. New tax incentives were added, and existing tax incentives were extended and enhanced. The Alternative Fuel Refueling Property tax credit is extended for 10 years through Dec.

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What to Know about Tax Savings in the Inflation Reduction Act

CPA Practice

Not only does the IRA provide property owners with energy cost savings but it makes it simpler and less costly to incorporate clean energy and energy storage platforms through tax credits and other financial incentives. to make affordable housing more energy efficient, there is a $1 billion grant program.

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Converting to a Roth IRA in 2022 Could Decrease Your Future Tax Burden

Anders CPA

Converting to a Roth IRA from a traditional IRA may result in an immediate tax liability but timing the conversion correctly can save on taxes in the long run. With the stock market’s instability and current income tax rates at a historical low, converting to a Roth IRA may be in your best interest, as long as you get the timing right.

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IRS $80 Billion Plan Targets Taxpayer Compliance, Improved Service

CPA Practice

While improvements to IRS technology, customer service, and audit capabilities are high-level goals, the IRS strategic plan details specific initiatives that would be undertaken by the agency to achieve those goals between now and 2032.

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