By month: September 2022

More on Earning 9.62 Percent Tax-Deferred

Inflation is seldom a good thing. But when it comes to investing, the U.S. Treasury Department has an inflation opportunity that’s downright amazing. You can buy bonds that pay 9.62 percent—tax-deferred—with no downside risk, and with no state or local income taxes when you cash them in.

New Law: Business Tax Credits for Your Electric Vehicle Purchases

If you purchase an electric car or a plug-in hybrid electric vehicle to use in your business, you can qualify for a brand-new commercial clean vehicle tax credit worth up to a whopping $40,000. But that’s not all.

Learn How to Claim the ERC When You Own Multiple Entities

If you have not claimed the employee retention credit (ERC), you can amend your 2020 and 2021 payroll tax returns to claim it. In this article, you will learn what’s needed and what happens when you have to combine business entities for purposes of the ERC.

Defeat the $10,000 SALT Cap with the PTE Tax (Part 2)

Already, 29 states have enacted pass-through entity taxes as a workaround to the $10,000 cap on deducting state and local taxes, but each has different requirements that business owners must comply with to take advantage of the deduction.

S Corporation Reimburses the Owner-Employee for the Home Office

The home-office deduction continues to be misunderstood in a variety of ways. In this article, the taxpayer’s CPA tells her that there’s no tax benefit to the home-office deduction for an S corporation and that the home-office deduction applies only to the self-employed.

Cash In: Beat the Taxman with 11 Tax-Free Income Breaks

Do you like the phrase “tax-free”? If so, spend some time with this article because it shows you 11 tax-free income breaks.

New Law: New and Improved Energy Tax Credits for Homeowners

The Inflation Reduction Act extends and expands tax credits for making your home more energy efficient. These include a healthy 30 percent credit for installing home solar panels; credits for installing energy-efficient windows, doors, and insulation; and even a credit for installing a home electric vehicle charger.

Overcoming the IRS Audit That Incorrectly Attacks Deductions

The IRS examiner can make a mistake. But the question is: Will you know it’s a mistake? In the situation described in this article, the tax code contains the answer. The taxpayer simply had to be familiar with it.

Tax-Free Conversion of a Partnership into an S Corporation

You can convert a partnership into an S corporation tax-free (or mostly tax-free) in a variety of ways, as explained in this article. So, if you want to convert your partnership to an S corporation, spend time with this article.


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