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Showing posts from August, 2022

Inflation Reduction Act for Individuals and Small Businesses

On Tuesday, August 16, 2022, President Joe Biden signed the Inflation Reduction Act into law with many details yet to be determined related to its implementation. The topics in the bill range from green energy incentives to medical costs to electric cars and IRS enforcement. The plethora of topics can make finding pertinent information difficult, so we have selected some of the most important implications for individuals and small businesses.  Increased tax incentives for electric vehicle purchase In recent years the push for more electric vehicles has increased. The Act appears to increase the volume of vehicles eligible for U.S. manufacturers to sell to buyers interested in receiving the current electric vehicle tax credit which may be as much as $7,500. However, it is no longer available to everyone. New restrictions limit the credit based on income level, vehicle price, and USA-based manufacturer.  Solar panel tax incentives A new solar panel installation tax credit includes eligib