CPA Gurus LLC

🚨Huge tax deduction for small businesses using their home as a place for business!

When it comes to maximizing your deductions and reducing taxes, we got your back!

https://cpa-gurus.com/cpa-gurus-blog/f/maximizing-tax-benefits-understanding-the-home-office-deduction

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The commercial vehicle tax credit is available to businesses that lease out vehicles to consumers. As a result, many manufacturer-affiliated lenders are now passing on the $7,500 commercial vehicle tax credit as a $7,500 lease incentive to support sales.

Not every car company passes on the $7,500 commercial clean vehicle tax credit to lessees. Notably, Ford, GM, and Tesla do not currently offer a $7,500 lease incentive for EVs.

If offered by the manufacturer’s affiliated lender, the $7,500 incentive is applied as a capitalized cost reduction, similar to a down payment, towards the lease of a vehicle.

If you were planning on purchasing the vehicle to begin with, we suggest first leasing the car to take advantage of the newly available $7,500 lease incentive, and then buying out the vehicle immediately to avoid paying the high interest charges.



#2023

The 2022 Tax Saving Strategy:

IRA Contributions – Individuals eligible for deductions for IRA contributions can claim deductions, and thus reduce AGI, for amounts contributed through April 18, 2023.

Effective tax planning can help you save money and increase your financial flexibility by reducing the amount of tax you owe. It can also help you avoid penalties and interest that may be imposed for failing to pay your taxes on time.

Want to find out what else you could be doing to be as tax efficient as possible? Schedule your free consultation today by clicking the link in the bio.

Click on the link in my bio to get free accounting and tax insights and to schedule your free consultation today to save money in taxes!!

#2023