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Tax incentives for purchasing clean (electric) vehicles and installing high-efficiency home improvements are some of the featured provisions in the recently-passed Inflation Reduction Act (IRA). Here’s a closer look at some of the bill’s tax provisions regarding the new incentives. Clean Vehicle Credit (formerly Plug-In Electric Vehicle Credit) Here is a summary of the details
IRAs can be a powerful tool to lower taxes all while saving for retirement or other predetermined uses. Here are five fairly unreported things to know about IRAs. A nonworking spouse can have an IRA. If your spouse doesn’t work, you may still be able to open and contribute to an IRA for your spouse,
Tax credits are some of the most valuable tools around to help cut your tax bill. But figuring out how to use these credits on your tax return can get complicated very quickly. Here’s what you need to know. Understanding the difference To help illustrate the difference between a credit and a deduction, here is
Compiled annually, the IRS lists a variety of common scams that taxpayers can encounter. This year’s list includes the following four categories. Pandemic-related scams Criminals are still using the COVID-19 pandemic to steal people’s money and identity with phishing emails, social media posts, phone calls, and text messages. All these efforts can lead to sensitive