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Financial and Accounting Updates and Information from Maggart
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From the Monthly Newsletter...
How to Prepare for an IRS Audit
The IRS recently announced it intends to hire thousands of new employees as part of a tax-enforcement push. This could mean an uptick in audits sometime soon, likely focused on wealthier individuals and business owners. (Some tax returns are chosen randomly as well.) The best way to survive an IRS audit is to prepare for …
How to Get Tax Savings with an EV Credit
Electric vehicles (EVs) are increasing in popularity all the time — and more of them are qualifying for a federal tax credit. In fact, the IRS added several more eligible models over the summer. The tax code provides a credit to buyers of qualifying plug-in electric drive motor vehicles, including passenger vehicles and light trucks. …
Which Business Website Costs Are Tax Deductible?
Every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, established rules that generally apply to the deductibility of more long-standing business costs provide business owners with a basic idea of how to anticipate and handle the tax impact of a website. And the IRS …
Which Business Website Costs Are Tax Deductible? Read More »
