New Changes Affect Tax Season

New tax provisions in the Inflation Reduction Act of 2022 have surprising
implications for both individuals and small businesses this year. Many of the
provisions come from tax laws that were extended despite originally being
slated for expiration.
The
electric vehicle credit was extended for 10 years and now has many more
qualifications.
The
clean energy tax credit not only extended the solar energy tax credit for 10
years, but now includes water heaters, heat pumps, HVAC systems and more.
Small
businesses will benefit from an extension of the 100 percent meals deduction
that was instituted last year and is now extended through the 2022 fiscal year.
The
Affordable Care Act health insurance premium credits were extended through
2025.
Other
credits were not only extended, but have additional benefits.
Navigating through changing tax laws may feel daunting, but a tax
professional is able to guide consumers toward the right decisions in the face
of many unknowns. A certified public accountant (CPA) can also provide advice
and assistance throughout the year for many financial decisions.
“The best thing you can do to save on taxes is to plan ahead and
get a good tax advisor,” says Ellen Rose, co-founder of Sternbach and Rose
CPAs, a full-service accounting firm serving the entire tri-state area. “Tax
laws change every year, and what you don’t know can and will cost you money.”
For business or individual tax accounting and consulting
services, contact Sternbach and Rose CPAs, located at 115 E. Stevens Ave., Ste.
100, Valhalla, NY. For more information or a free first-time consultation, call 914.940.4449, email [email protected] or
visit sandrcpa.com.