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Irs Guidance

All articles tagged with #irs guidance

tax-policy23 hours ago•1 min saved

IRS expands 100% bonus depreciation under One, Big, Beautiful Bill, adds sound-recording eligibility

Treasury and the IRS issue Notice 2026-11 establishing a permanent 100% first-year depreciation deduction for qualifying property acquired after Jan 19, 2025 under the One, Big, Beautiful Bill, with interim guidance that taxpayers may rely on existing rules. The notice also outlines elections to claim 40% (60% for some longer production properties or certain aircraft) instead of 100%, to deduct for specified plants, and to treat certain components of larger self-constructed property as eligible; taxpayers may also choose not to deduct for a qualified sound recording production. For sound recordings added by the OBBB, a production may qualify for the deduction if it commences in a taxable year ending after July 4, 2025, with acquisition timing deemed to occur when principal recording commences and placement in service at initial release or broadcast.

via IRS (.gov)|

#bonus-depreciation #capital-investment #irs-guidance

business15 days ago•2 min saved

IRS Announces New Tax Benefits for Made-in-USA Car Buyers

The IRS announced that new cars assembled in the US purchased from 2025 to 2028 may qualify for a tax deduction on car loan interest, contingent on final assembly location, aiming to boost domestic auto manufacturing under Trump’s policy. About 14 of the top 25 models sold in 2024 are US-assembled, with potential for millions of qualifying vehicles, though some models assembled in multiple countries may not qualify.

via Yahoo Finance|

#business #car-industry #irs-guidance

taxes15 days ago•1 min saved

IRS and Treasury Clarify New Car Loan Interest Deduction and Tax Benefits

The IRS and Treasury issued guidance on a new tax deduction for interest paid on qualifying vehicle loans for American-made cars purchased after December 31, 2024, applicable to both standard and itemized taxpayers, including rules for eligibility, reporting, and limits.

via IRS (.gov)|

#car-loan-interest-deduction #irs-guidance #made-in-america-vehicles

finance2 months ago•2 min saved

Understanding Taxes on Social Security and Retirement Income

A couple received a large lump sum Social Security payment due to the Social Security Fairness Act, which may impact their taxes. The IRS allows choosing to tax the lump sum as if received in the year it was due, with calculations available in IRS Publication 915, to determine the taxable portion based on their combined income and previous benefits.

via OregonLive.com|

#benefits #finance #irs-guidance

business4 months ago•2 min saved

EV Tax Credit Ends Soon, But Buyers Can Still Save

The U.S. $7,500 EV tax credit has been extended for Tesla, GM, Ford, and others until the vehicle is acquired by September 30, with new IRS guidance allowing buyers to have a binding contract and down payment, giving automakers more time to sell EVs before the credit expires, potentially impacting U.S. EV demand.

via Investor's Business Daily|

#auto-industry #business #electric-vehicles

business4 months ago•4 min saved

US EV Market Faces Changes as Tax Credits End and Tariffs Loom

The federal EV tax credit worth up to $7,500 is ending on September 30, but the IRS has clarified that as long as a binding contract and payment are made before the deadline, the purchase can still qualify for the credit even if delivery occurs later. This flexibility is especially helpful for buyers ordering or shipping vehicles from out of state. The end of the credit is expected to impact EV sales, which have already seen a slowdown, but long-term growth in electric vehicle adoption remains likely.

via NPR|

#business #car-buying #electric-vehicles

electric-vehicles2 years ago•5 min saved

"Equal Opportunity: Low-Income Buyers Eligible for Full $7500 EV Tax Credit"

The IRS has released new guidance on the electric vehicle (EV) tax credit, stating that starting next year, low- and middle-income buyers will be eligible for the full $7,500 credit even if they don't have enough tax liability. The changes include making the credit available upfront at the point of sale and allowing buyers to transfer the credit to the dealership. This eliminates the income cap for low and middle-income buyers, making EVs more accessible to them. The changes go into effect on January 1, 2024.

via Electrek|

#electric-vehicles #ev-tax-credit #irs-guidance