Commonly Overlooked Tax Deductions 2023 and Tax Strategies + Energy Efficient Tax Credits 2023

Commonly Overlooked Tax Deductions 2023 + Energy Efficient Incentives 2023
New Energy Incentives:
Tax Credits for this year - Inflation Reduction Act 8/12/22
Electric Vehicle Credits
Clean Energy Tax Credits
Research Tax Credit for Small Business - credit doubled
Applied against payroll tax liability for up to $500,000
Commonly Overlooked Tax Deductions for Small Businesses and Tax Savings Strategies:
1) Definition of a tax deduction
2) Tax planning/strategy and the correlation with deductibility
-Commuting to and from work as a deduction?
-Meals as a deduction; either 50% or 100% deductible, which one is it?
-Retirement contribution to a SEP IRA, how slow can you go?
-Health insurance premiums, H.S.A. contributions, and L.T.C. premiums, oh my!
-H.R.A. (section 105 plans) for c-corps and LLC’s (sole owner with a spouse working for the LLC); bet you did not know this one!
-Out of pocket costs when starting a new business; seems obvious but often missed
-Sales tax as an itemized deduction; frequently missed
-Unreimbursed partner expenses; done incorrectly can be open to audit
-Claiming a parent, live-in boy or girl friend as a dependent, sorry no pets allowed
-Switching accounting methods (cash vs accrual method of accounting), may = major tax savings!
-Depreciation tactics, get ready for war!
-Entity selection
-Augusta rule
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