Qualifying For Home Energy Tax Credits
Taxpayers who make energy improvements to a residence may be eligible for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022.
Category: Tax Credits
New and Previously Owned Clean Vehicle Credits
On April 16, 2024, the IRS revised frequently asked questions for the new and previously owned clean vehicle credits.
ERC IRS Scam Alert
The IRS and tax professionals continue to see aggressive broadcast advertising, direct mail solicitations, and online promotions involving the ERC. While the credit is real, aggressive promoters are misrepresenting and exaggerating who can qualify for the credits.
Fake ERC Refunds
The IRS warns about Employee Retention Credit claims to con ineligible people to claim the ERC credit. Some of these offers collect your personally identifiable information in exchange for false promises.
Electric Vehicle Tax Credit
If you are interested in claiming the EV tax credit for purchasing a new electric vehicle after August 16, 2022, a tax credit is generally available only for qualifying electric vehicles where final assembly occurred in North America. A transition rule applies for electric vehicles purchased before August 16, 2022.
Employee Retention Credit (ERC) IRS Guidance
The Infrastructure Investment and Jobs Act amended the law so that the Employee Retention Credit applies only to wages paid before October 1, 2021, in some cases. Recently, the IRS issued new guidance on how to manage this change.
American Opportunity Tax Credit
The American Opportunity Tax Credit and the Lifetime Learning Credit can offer tax savings for higher education. Tax savings may be available for you, your spouse, or your dependents taking postsecondary coursework.
2021 Child Tax Credit and Advance Child Tax Credit Payments
For 2021, families will begin receiving early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit. If the IRS processed your 2020 tax return or 2019 tax return, these automatic monthly payments will begin on July 15 through December 15, 2021, based on the information contained in that return.
American Rescue Plan Act of 2021
How does the American Rescue Plan Act of 2021 impact Arizona businesses, schools, and families? Here is a summary of the main provisions of the 600-page bill.
2021 Key Adjustments | ACA | HSA | Inflation Adjustments
After a year of turmoil and surprises, what will 2021 bring? One certainty is that the federal government is changing a variety of numbers affecting the finances of businesses and individuals.
2020 Tax Credits Expiring
Several tax credits and incentives, such as the qualified fuel cell motor vehicles and energy-efficient home improvements, are set to expire at the end of 2020.
Home Office Tax Deduction Rules
With many people working from home, you may think you can take a home office tax deduction. The Internal Revenue Code is complex and sets certain conditions on claiming a tax deduction. What deduction is allowable and under which circumstance?