Nonbusiness energy property credit

Almost everyone enjoys hearing about new tax credits and looking to see if it can benefit them on their personal or business return. The new Secure Act tax law includes an update to the nonbusiness energy property credit. What does this mean for you? Don’t miss: Fuel cell motor vehicle tax credit is back The …

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Reporting tips and taxation

Do you work at a hair salon, barber shop, casino, golf course, hotel, restaurant or drive for Uber or Lyft? The IRS says tip income you receive as an employee from those services is taxable income. Don’t miss: New tip pooling rules proposed by Department of Labor Taxable income from these type of tips are …

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Charge me up! E-motorcycle federal tax credit is back

Uncle Sam didn’t want bikers to miss out on the tax incentives enjoyed by the cagers (biker slang for people that drive cars, trucks, and vans) so the Qualified Two-Wheeled Plug-In Electric Drive Motor Vehicle Tax Credit (aka E-motorcycle Federal Tax Credit) that originally expired on December 31, 2017 was retroactively extended through December 31, …

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Charge me up – Fuel cell motor vehicle tax credit is back

Environmentalists and makers of fuel cell vehicles are once again charged up over the return of the Fuel Cell Motor Vehicle Tax Credit. This tax credit had originally expired on December 31, 2017 but was retroactively extended through December 31, 2020 by the SECURE Act that became law on December 20, 2019. Alternative Fuel Vehicle …

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Residential energy efficiency tax credit (or lack thereof)

During a conversation earlier this year with one of my fellow CPAs, I mentioned that I was having all the windows and several doors replaced at my house, and was looking forward to lower air conditioning costs during the scorching Arizona summers we know and love. Being the savvy tax professional that I am, I …

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AZ Expands School Tuition Organization Credit to S Corps

The Arizona legislature has established a pro rata income tax credit for an S corporation that donates to a school tuition organization (STO) for tax years beginning on or after 1/1/2015. To qualify for the credit, the aggregate amount of the contribution in the tax year must be at least $5,000 and the statutory requirements …

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