By month: October 2022

Answers to 12 Employee Retention Credit (ERC) Questions

If you had W-2 employees in 2020 and/or 2021, you need to look at the Employee Retention Credit (ERC). This is true whether you already filed for it or are thinking of filing for it. See the 12 answers in this article for insights into the ERC.

Buying an Electric Vehicle? Know These Tax Law Changes

If you purchase an all-electric vehicle or a plug-in hybrid electric vehicle, you can qualify for a tax credit of up to $7,500. But the newly enacted Inflation Reduction Act has thoroughly revamped the credit beginning August 17, 2022, with additional changes taking place in 2023 and 2024. If you are planning to take advantage of this credit, there’s much to know, as you will learn here.

New Law Improves Energy Tax Benefits for Biz Owners and Landlords

The newly enacted Inflation Reduction Act expands and extends tax credits for installing solar panels, electric vehicle chargers, or other renewable energy systems in commercial buildings and residential rental property. It also increases the tax deduction for making commercial buildings more energy-efficient.

Baseball Cards and Memorabilia as Office Decorations

The proper tax deduction treatment for decorating a business office with a baseball card and memorabilia collection comes from the courts in their decisions on depreciating antiques.

Avoid These Common Mistakes When Converting to an S Corporation

Are you thinking of converting your business to an S corporation? The IRS will be watching you closely. Learn how to avoid the common mistakes that many business owners make.

Get Ready to Say Goodbye to 100 Percent Bonus Depreciation

One hundred percent bonus depreciation ends on December 31, 2022. Does this mean you should rush out and purchase business property before 2022 ends to take advantage of the 100 percent bonus? Not necessarily. For many businesses there is an alternative that is not going away, and this alternative can be as good as bonus depreciation: IRC Section 179 expensing.

Home-Office Deduction—Pool Table in the Room

Does the pool table located in the room you use for a home office destroy the home-office deduction, or can you exclude the square footage occupied by the pool table from the business square footage?

The Ship Has Not Sailed on Qualified Opportunity Zone Investments

Some of the tax benefits of the federal qualified opportunity zone program have expired, but investing in qualified opportunity funds can still provide significant tax deferral and tax reduction for all types of capital gains.

Can Rental Income Terminate My S Corporation?

At a meeting of landlords, the guest lawyer stated that the S corporation terminates with too much passive income. Many attendees heard this comment incorrectly. The too-much-passive-income termination problem applies only to certain S corporations.


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