Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Cost segregation is recognized as an engineering-based tax study accepted by the IRS.

tax planning 98

tax planning Tax Construction income tax 98

ThomsonReuters

NOVEMBER 9, 2022

This credit, which is worth up to $7,500 for buyers of new all-electric cars and hybrid plug-ins, has been extended through 2032. Starting January 1, 2023, consumers are eligible for a tax credit for used or previously owned clean vehicles. . The credit will not be allowed for any vehicle acquired after December 31, 2032. .

Manufacturing 105

Manufacturing Tax Sports income tax 105

Withum

NOVEMBER 18, 2022

While in previous taxable years, not-for-profits were limited to capturing these cash benefits directly unless they had unrelated business income tax (“UBIT”), under the IRA, all not-for-profits are incentivized to invest in clean energy infrastructure through the direct payment program regardless of tax liability.

Non-Profits 72

Non-Profits income tax Manufacturing Tax 72

Anders CPA

NOVEMBER 22, 2022

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.

Tax 98

Tax income tax tax planning CPA 98

Withum

OCTOBER 2, 2023

vehicle sales to be electric by 2032. of light and medium new vehicles sold in 2032 to be electric. With significant tax legislation sunsetting in the next few years, including the top individual income tax bracket rising from 37% to 39.6% of electric vehicles sold in 2022 were of new light-duty sales.

Washington 72

Washington income tax Tax Sales 72

Withum

DECEMBER 4, 2024

Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits. Cost segregation is recognized as an engineering-based tax study accepted by the IRS. years) to a shorter depreciable tax life (e.g., For-profit entities can apply clean energy credits against their federal income tax due.

Tax 105

Tax income tax Construction Non-Profits 105

CPA Practice

APRIL 6, 2023

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.

audit 111

audit Tax tax return Healthcare 111

Dent Moses

MARCH 18, 2025

President Donald Trump has proposed eliminating federal income taxes on Social Security benefits, aiming to provide financial relief to retirees. Currently, up to 85% of these benefits can be taxed, depending on income levels.

Tax 52

Tax Alabama income tax Washington 52

Withum

OCTOBER 17, 2024

With the Presidential election less than one month away, private and family-owned businesses are in limbo when dealing with 2024 year-end tax planning. However, the individual income tax policies that could increase pass-through owners’ federal income tax by over 30% are still uncertain.

income tax 128

income tax Tax New Hampshire tax planning 128