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Pocket a Tax Break for Making Energy-Efficient Home Improvements

RogerRossmeisl

That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to benefit from an enhanced residential energy tax credit to help defray the cost. You can claim the credit for improvements made through 2032.

Tax
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Unpacking the Clean Vehicle Credits under IRA ’22

RogerRossmeisl

The credit generally applies to vehicles having >4 wheels that are placed in service from 1/1/2023 – 12/31/2032. The post Unpacking the Clean Vehicle Credits under IRA ’22 appeared first on Roger Rossmeisl, CPA. Who Qualifies You may qualify for.

CPA
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Mastering Labor Challenges Can Drive Growth for CPA Firms

CPA Practice

Let’s face it, the accounting profession has developed a bad reputation – toiling through long hours chained to a desk, crunching numbers, deciphering archaic tax codes and grinding out tedious tasks, all for lower starting pay and heavy licensing requirements. The client then prints, signs, scans, and returns the form to the accountant.

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Home Energy Credits Under the Inflation Reduction Act

CPA Practice

By Mike D’Avolio, CPA, JD. 16, 2022, providing numerous tax deductions and tax credits for individuals, families and businesses. New tax incentives were added, and existing tax incentives got extended and enhanced. Limitations: A total combined credit limit of $500 for all tax years after 2005 (lifetime limit).

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Converting to a Roth IRA in 2022 Could Decrease Your Future Tax Burden

Anders CPA

Converting to a Roth IRA from a traditional IRA may result in an immediate tax liability but timing the conversion correctly can save on taxes in the long run. With the stock market’s instability and current income tax rates at a historical low, converting to a Roth IRA may be in your best interest, as long as you get the timing right.

Tax
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What to Know about Tax Savings in the Inflation Reduction Act

CPA Practice

Yet, in this case, identifying them is worth the time and effort since they can make a big difference in tax filings for eligible homeowners and business property owners. In fact, this particular legislation may help many more of your clients than CPAs realized when it was first passed in August 2022.

Tax
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New Tools Help Governments Tap Clean Energy Tax Credits

CPA Practice

By Carl Smith Governing (TNS) In the two years since the Inflation Reduction Act (IRA) was signed into law, IRA tax credits for private-sector clean energy projects have been widely celebrated and estimates of the investment they have sparked range from $125 billion to $265 billion. The IRA authorizes the program through 2032.