2020 – 09/29 New vehicles are now available for a tax break. On its website, the IRS has added several 2021 model year Honda and Volvo vehicles to the list of vehicles eligible for the plug-in electric drive motor vehicle tax credit. The tax code provides a credit to the purchaser of a qualified plug-in electric drive motor vehicle, including passenger vehicles and light trucks. For qualifying vehicles acquired after Dec. 31, 2009, the credit is equal to $2,500 plus an additional amount, based on battery capacity, that cannot exceed $5,000. For more information about the credit and a list of qualifying vehicles, visit:
Similar Posts
The Conversations Worth Having Before You Need Them
“Focus Where It Counts” by Carl Richards at BehaviorGap.com
The President’s action to defer payroll taxes: What does it mean for your business?
2020 – 08/17 On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be…
CARES Act made changes to excess business losses
2020 – 08/24 The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is…
Businesses considering incorporation should beware of the reasonable compensation conundrum
Small to midsize businesses have valid reasons for incorporating, not the least of which is putting that cool “Inc.” at the end of their names. Other reasons include separating owners’ personal assets from their business liabilities and offering stock options as an employee incentive. If you’re considering incorporation for your company, however, it’s essential to…
Accounting Today Names 2020 Best Firms to Work For
Accounting Today and Best Companies Group have announced the members of the 2020 Best Accounting Firms to Work For list. The annual survey and awards program is designed to identify, recognize and honor the best employers in the accounting profession. Bland Garvey is honored to make the list for the eighth time.
Last Day to File
2020 – 08/21 Did you ask for an extension for your 2019 tax return this year? If so, keep in mind that Oct. 15, 2020 is the last day to file for most people who requested an extension. You can file your return any time before that date if you have all your required tax…
