Are you interested in purchasing an electric vehicle but new ones are just too expensive?
Well, as of January 1, 2023, you can now get a tax credit of up to $4,000 on the purchase of a used electric vehicle from a dealer. That’s right, only purchases from a car dealer qualify so don’t buy your neighbor’s old Tesla if you want the tax credit. (more)
Editor’s note: The La Mirada Blog would like to welcome tax advisor Chris Gelfuso founder of Uplevel Business Services to our team of contributors (see ad on this page). Uplevel specializes in bookkeeping, payroll, and tax return preparation for individuals, small businesses and the self-employed. Moving forward, Chris will be producing a monthly column here, providing news and trends of the industry with timely updates and valuable information on ways individuals and small businesses can save money on their taxes.
Home Improvement Tax Breaks!
You might have heard in the news that The Inflation Reduction Act of 2022 was signed into law by President Joe Biden on August 16, 2022. The main provisions of the act can be summarized as the following: (more)