Plug in tax savings for electric vehicles

While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on where[ … ]

Families with college students may save tax on their 2017 returns with one of these breaks

Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees[ … ]

2 tax credits just for small businesses may reduce your 2017 and 2018 tax bills

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses[ … ]

Personal exemptions and standard deductions and tax credits, oh my!

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of[ … ]

Arizona Tax Credit Alert – November 2016

The Arizona legislature has retained and expanded some of the incentives for charitable giving for 2016. These credits are for individuals only, and the dollar limits differ depending on marital status. Your payments will make a positive impact on the recipient organization, while at the same time reducing your state income tax liability dollar for[ … ]

Work Opportunity Tax Credits

Must Act Fast! The recent Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) retroactively extended the expiring Work Opportunity Tax Credits (WOTC) credits from January 1, 2015 through December 31, 2019. These credits are based on hiring certain targeted individuals including veterans, those that receive food stamps, and those who live in[ … ]

2 benefits-related tax credits just for small businesses

Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable credits are especially for small businesses that offer certain employee benefits. Can you claim one — or both — of them on your 2015 return? Retirement plan credit Small employers (generally those with 100 or fewer employees) that create a retirement plan may[ … ]

2 extended credits can save businesses taxes on their 2015 returns

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended a wide variety of tax breaks, in some cases making them permanent. Extended breaks include many tax credits — which are particularly valuable because they reduce taxes dollar-for-dollar (compared to deductions, for example, which reduce only the amount of income that’s taxed). Here are two[ … ]