by hello@thatssmartbusiness.com | Dec 5, 2022 | Uncategorized
,,All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end: 100 percent bonus depreciation. Since late 2017, businesses have used bonus depreciation to deduct 100 percent of the cost of most types of...
by hello@thatssmartbusiness.com | Nov 25, 2022 | Uncategorized
Inflation is seldom a good thing.But when it comes to investing, the U.S. Treasury Department has an inflation opportunity that’s downright amazing. You can buy bonds that pay 9.62 percent—tax-deferred—with no downside risk, and with no state or local income taxes...
by hello@thatssmartbusiness.com | Nov 18, 2022 | Uncategorized
You may have heard that the newly enacted Inflation Reduction Act includes an expanded tax credit for electric vehicles.Although this personal credit has gotten most of the publicity, the new law launched a new commercial clean vehicle credit—specifically for...
by hello@thatssmartbusiness.com | Nov 11, 2022 | Uncategorized
The President signed the Inflation Reduction Act into law on August 16, 2022. It contains some valuable tax credits for homeowners.When it comes to taxes, nothing is better than a tax credit since it is a dollar-for-dollar reduction in the taxes you must pay (unlike a...
by hello@thatssmartbusiness.com | Nov 1, 2022 | Uncategorized
I was perusing the Internal Revenue Code (it’s one of the things I do) and started to think about the various sources of tax-free income.Here are the 11 that jumped out at me: Roth IRAs Social Security benefits up to the taxable limits Tax-free IRA withdrawals (on top...
by hello@thatssmartbusiness.com | Aug 24, 2022 | Uncategorized
We absolutely, positively don’t like commuting mileage. You should dislike it, too. It’s personal. It’s not deductible. But with knowledge, it’s avoidable. Let’s eliminate commuting and make those trips from your home to your office deductible. The law...
