OBBBA: Convert Personal Vehicle to Business, Deduct Up to 100%
Do you have a personal vehicle? Thanks to the One Big Beautiful Bill Act (OBBBA), you may be eligible for a valuable “no new cash outlay” tax deduction beginning in 2025. Here’s how it works: If you convert a personal-use vehicle to business use, the law treats it as placed in service on the conversion […]
U.S. Tax Survival Guide for International Students — Don’t Let the IRS Mess with Your Study Abroad Dreams
By AG FinTax | Global Tax & Compliance Experts for Students Abroad So you’ve got your U.S. visa, your flight booked, and your Netflix watchlist ready for those jet-lagged nights. But have you packed your tax plan? Because here’s the truth: taxes in the U.S. aren’t just for people with a full-time job and a […]
Perhaps Your Last Chance for Home Energy Improvement Tax Credits
Current tax law allows homeowners to claim up to $3,200 per year in tax credits for energy-efficient home improvements. But these incentives may soon vanish. Pending tax legislation in Congress could eliminate these benefits for improvements placed in service after December 31, 2025. What’s Available? There are two key credits to know about. Up to […]
Tax Planning for Students Moving to the USA: What You Need to Know
By AG FinTax | Trusted CPAs for Global Tax Compliance | Tax Preparation Fort Worth Moving to the United States for higher education is an exciting milestone. Along with new academic and cultural experiences comes a lesser-known but equally important responsibility—understanding your U.S. tax obligations. Whether you’re on an F-1 visa or transitioning to a […]
2025—Is This Your Last Chance to Claim the Solar Tax Credit?
If you’re considering solar panels or other renewable energy upgrades, now may be your last chance to take full advantage of the 30 percent Residential Clean Energy Credit (RCEC). What Is the RCEC? The RCEC is a federal, non-refundable tax credit equal to 30 percent of the cost of qualified clean energy systems, including: Solar […]
2023 Last-Minute Year-End Retirement Deductions
The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are five things to consider. 1. Establish Your 2023 Retirement Plan First, a question: Do you have your (or your corporation’s) retirement plan in place? […]
Want to Leave the U.S.? You May Have to Pay These Taxes
When you leave the U.S. to live in another country, you essentially have two choices from a tax perspective, both of which can cost you a pretty penny. First, you can simply leave the country and take up residence elsewhere. But if you choose this option, beware: the U.S. continues to tax you on your […]
Defining “Real Estate Investor” and “Real Estate Dealer”
I have great news! You can have in your real estate portfolio both investor and dealer properties. This distinction is significant for tax purposes. Here’s a snapshot of the potential tax differences: Suppose you profit $90,000 from a property sale: As a dealer, your tax could be up to $46,017 if you’re […]
Act Now! Get Your Safe-Harbor Expensing in Place
For 2024, you can elect the de minimis safe harbor to expense assets costing $2,500 or less ($5,000 with audited financial statements or similar). The term “safe harbor” means that the IRS will accept your expensing of the qualified assets if you properly abided by the safe harbor rules. The de minimis safe harbor, when […]
Test Your Tax IQ: Deducting More Than One Business Vehicle
Contrary to popular belief, the IRS does not limit business owners to claiming deductions on only one business vehicle. You might maximize tax benefits by using multiple vehicles for business purposes. This is particularly true when you use the vehicles predominantly (more than 50 percent) for business, you drive more business miles than your spouse, […]
Claim Your Overlooked 2020 COVID Sick and Family Leave Credits
I am writing about potential COVID-19 sick and family leave tax credits you may have overlooked on your 2020 tax return. You might be eligible for up to $15,110 in tax credits, and the good news is it’s not too late to claim them. If you’re self-employed or running a corporation, there’s a chance you […]
It’s Not Too Late: Qualify Now for Your 2020 and 2021 ERC Money
I am writing about a significant opportunity for your business to qualify for the Employee Retention Credit (ERC). As we are in 2023, you still have the chance to qualify for the ERC for the 2020 and 2021 calendar years and potentially recover a substantial amount of money. The ERC is a refundable tax credit […]