AFS Blog
Tax Credits for Electric Vehicles-An Introduction
The new clean vehicle tax credits along with the commercial clean vehicle tax credits can be used for 'qualifying' fully electric cars, hybrids and fuel cell vehicles. There are 4 ways to benefit from these credits for EV's placed in service in 2023 or later: Purchase...
Crypto Currency Update 2023
Some crypto currencies lost a lot of their value in 2022 and 2023 while a smaller number have recovered some losses in 2023. This update is a review on how to handle both gains and losses on your tax returns and also discusses a couple of new IRS announcements...
THE MOST COMMON DEDUCTIONS THAT MOST BUSINESSES HAVE
Here are deductions we see in nearly every business return we prepare. They are so common that I usually ask the taxpayer if they’ve forgotten something when I don’t see expenses in these categories. Business meals – for 2022 the deduction is back down to 50%. The...
Common Mistakes in Business Startups
New businesses make mistakes that can cost them money, sometimes a lot of money. Here are the most common ones I see every year. Lack of good records – this leads to multiple errors, such as missing deductions, problems with cash flow, difficulties or...
DO YOU HAVE COLLEGE SAVINGS PLAN MONEY LEFT OVER? HERE’S A USE FOR IT
Now you can do something with the college savings plan money that wasn’t spent on education. Maybe your child or grandchild didn’t choose college. Or maybe they received a scholarship. There’s an opportunity here to put that money back into your own...
3 Common Ways in Which Cancellation of Debt (COD) Income Can Be Tax-Free
It is not uncommon for debts to pile up beyond someone’s ability to pay, and may be even more common if we enter into a recession. Lenders will sometimes cancel (forgive) debts owed by down-on-their-luck borrowers. While the cancelled debt may be incredibly helpful in...
Businesses can save on taxes and reduce their audit potential with an S Corporation election
The S Corp election is the super tool that can both reduce tax liabilities and audit risk at the same time. Successful sole proprietorships and LLC’s can face higher tax rates due to being subject to both the ordinary income tax and the self-employment tax. They also...
2019 and 2020 Late filing penalties can now be forgiven in a great many cases
This is going to be a huge benefit to many filers. For those taxpayers, including individual 1040 returns, partnership (1065) returns and S Corporation (1120S) that: Filed late and paid a penalty or owe a penalty for late filing for the 2019 and/or 2020 tax year,...
TAX DEDUCTIONS THAT EXPIRED AT THE END OF 2021
We typically see Congress extend these kinds of things but in the current environment, that may not happen. So, here are a few of the tax rules that have expired: The 1 year increase in the child tax credit expired at the end of 2021. The credit will...
Learn how personal expenses may be partially deductible to your business
One of the best reasons to start a new business is to be able to move some of your personal expenses under your business umbrella and make them deductible. This is not an article about tax evasion. This is about using the tax code to your advantage to minimize the...
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