The Internal Revenue Service recently announced the inflation-adjusted 2024 mileage reimbursement rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning Jan. 1, the 2024 mileage reimbursement rates for the use of a car (or a van, pickup or panel truck) are: Business standard mileage rates …
Automotive
Wow! You Can Now Get A Tax Credit For Buying A Used Electric Vehicle
2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time that used electric vehicles have ever qualified for a tax credit. While the credit is less than the credit for purchasing a new electric vehicle, what a …
Wow! You Can Now Get A Tax Credit For Buying A Used Electric VehicleRead More
Just Announced – Standard Mileage Rates for 2023
Checking the mileage rates for 2023? This article discusses each of the standard mileage rates for 2023 and how they apply. The Internal Revenue Service recently announced the inflation-adjusted 2023 optional standard mileage rates. These rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning …
Planning On Buying a New Electric Vehicle for the Tax Credit? Read This First!
Although the credit for purchasing a new electric vehicle can still be as much as $7,500, Congress has added some new stringent qualifications as to which vehicles qualify. For the first time Congress has limited who qualifies for the credit by barring the credit to higher income taxpayers. But first a little background. Prior to …
Planning On Buying a New Electric Vehicle for the Tax Credit? Read This First!Read More
Optional Vehicle Mileage Rate Increase for 2022
With gas prices soaring it has been expected the IRS would offer an optional mileage rate increase that business owners can deduct for vehicle use instead of keeping a record of actual expenses. Sure enough, the IRS recently announced a 4-cent increase in the optional mileage rate for the last half of 2022. The new …
Electric Vehicle Credits Phasing Out
Considering purchasing an electric vehicle and expect to receive federal electric vehicle credits along with the purchase? Be sure to do your homework first. There is a phaseout based on a manufacturer’s sales of electric vehicles that impacts the credit available to the purchasers of the vehicles. Many popular manufacturers like Tesla and General Motors …
Congress Green-Lights Some Alternative Vehicle Credits
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which includes a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of U.S. …
Congress Green-Lights Some Alternative Vehicle CreditsRead More
