2020 – 12/17 Are you in the market for a new plug-in electric vehicle? If so, the IRS has recently added several new vehicles eligible for the plug-in electric drive motor vehicle credit. The credit is equal to $2,500, plus an additional amount that cannot exceed $5,000 and is based on the vehicle’s battery capacity. Thus, the total amount of the credit allowed for a qualifying vehicle is limited to $7,500. Taxpayers purchasing a qualifying vehicle can claim the credit using Form 8936, “Qualified Plug-in Electric Drive Motor Vehicle Credit.” For more information on the credit, contact us or visit: For a complete list of qualifying vehicles, visit:
Similar Posts
Possible tax consequences of guaranteeing a loan to your corporation
2021 – 08/16 What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your corporation defaults on the loan and you’re required to…
Changes to premium tax credit could increase penalty risk for some businesses
2021 – 04/14 The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made…
Tax Credit for Employees’ Tips
2021 – 03/30 Food and beverage establishments may be able to get a tax credit for their employees’ tips. The credit is for the Social Security and Medicare (FICA) taxes the employer paid on the employee’s tip income. After employees report their tips to you, you must withhold and remit their share of FICA taxes…
The deductibility of corporate expenses covered by officers or shareholders
2021 – 07/26 Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation….
Tighten up billing and collections to mitigate economic uncertainties
2022 – 05/04 While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns…
Records Destroyed in a Disaster?
2020 – 09/29 Have some of your records been destroyed in a disaster? Records can help people prove their disaster-related losses. Past financial statements can be recovered from credit card companies or banks. Homeowners can get property-related documents by contacting their title or escrow companies, or the lender that handled their home purchase. Also, taxpayers…
Possible tax consequences of guaranteeing a loan to your corporation
2021 – 08/16 What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your corporation defaults on the loan and you’re required to…
Changes to premium tax credit could increase penalty risk for some businesses
2021 – 04/14 The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made…
Tax Credit for Employees’ Tips
2021 – 03/30 Food and beverage establishments may be able to get a tax credit for their employees’ tips. The credit is for the Social Security and Medicare (FICA) taxes the employer paid on the employee’s tip income. After employees report their tips to you, you must withhold and remit their share of FICA taxes…
The deductibility of corporate expenses covered by officers or shareholders
2021 – 07/26 Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation….
Tighten up billing and collections to mitigate economic uncertainties
2022 – 05/04 While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns…
Records Destroyed in a Disaster?
2020 – 09/29 Have some of your records been destroyed in a disaster? Records can help people prove their disaster-related losses. Past financial statements can be recovered from credit card companies or banks. Homeowners can get property-related documents by contacting their title or escrow companies, or the lender that handled their home purchase. Also, taxpayers…
Possible tax consequences of guaranteeing a loan to your corporation
2021 – 08/16 What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your corporation defaults on the loan and you’re required to…
Changes to premium tax credit could increase penalty risk for some businesses
2021 – 04/14 The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made…
Tax Credit for Employees’ Tips
2021 – 03/30 Food and beverage establishments may be able to get a tax credit for their employees’ tips. The credit is for the Social Security and Medicare (FICA) taxes the employer paid on the employee’s tip income. After employees report their tips to you, you must withhold and remit their share of FICA taxes…
The deductibility of corporate expenses covered by officers or shareholders
2021 – 07/26 Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation….
Tighten up billing and collections to mitigate economic uncertainties
2022 – 05/04 While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns…
Records Destroyed in a Disaster?
2020 – 09/29 Have some of your records been destroyed in a disaster? Records can help people prove their disaster-related losses. Past financial statements can be recovered from credit card companies or banks. Homeowners can get property-related documents by contacting their title or escrow companies, or the lender that handled their home purchase. Also, taxpayers…