It’s not too late to dramatically reduce your 2022 income taxes. Don’t overlook the following bulletproof strategies to slash this year’s taxes.
1. Need a new business car? You can claim up to $19,200 in depreciation deductions if you purchase a typical passenger (“luxury”) automobile. Even better, you can write-off up to 100% of the cost of a new or used pickup or Sport Utility Vehicle (SUV) with a Gross Vehicular Weight Rating (GVWR) of 6,000 pounds or more using Section 179 expensing ($27,000) and bonus depreciation, assuming 100% business use.
2. Looking to go green by purchasing an Electric Vehicle (EV)? Purchase by December 31 to avoid the vehicle cost and income limits that begin...
Log in to view this resource
Not Yet a Member?
Join The McGill Advisory with a money-back guarantee
Learn More
Join
Start Your Free 45-Day Trial Membership
Begin increasing your wealth—by saving on taxes, boosting practice profit, conserving what you earn, and ensuring a successful retirement.
Your 45-day free trial entitles you to an 8-page monthly newsletter, plus unlimited online 24/7 access to hundreds of tax reduction, practice management, wealth protection, and retirement planning solutions. No obligation, no credit card.
Free 45-Day Trial Membership
The McGill Advisory content Is provided For informational purposes only And does Not constitute legal, accounting, Or other professional advice.
Copyright © 2023 John K. McGill & Company, Inc.
Tax | Practice/Corporation
Two Strategies To Beat The New Limits On Electric Vehicle Tax Credits
Read Article
Tax | Practice/Corporation
New Business Tax Credits Available For Practice Electric Vehicle Purchases Starting in 2023
Read Article
Tax | Practice/Corporation
Don’t Overlook The Employee Retention Credit For 2021
Read Article
Tax | Practice/Corporation
Congress Ends Employee Retention Tax Credit Early To Fund New Infrastructure
Read Article
Tax | Practice/Corporation
Take Advantage Of The Expanded Work Opportunity Tax Credit For New Hires
Read Article
Tax | Practice/Corporation
Are You Missing Out On The Employee Retention Credit?
Read Article
Once you have created your account, click below to refresh this page and access this content.