CPA Gurus LLC

12/04/2024

Explore the impact of effective budgeting on business growth. A well-structured budget can enhance decision-making and drive profitability, making it an essential tool for any organization.

12/28/2023

🚨Huge tax deduction for small businesses using their home as a place for business!

When it comes to maximizing your deductions and reducing taxes, we got your back!

https://cpa-gurus.com/cpa-gurus-blog/f/maximizing-tax-benefits-understanding-the-home-office-deduction

11/23/2023

09/20/2023

If you have a business and have kids, you need to implement this strategy into your business.

Hire your kids to work for you!

Under the IRS tax code if you are operating as a sole proprietor/partnership (where you and your wife are the only owners) the kids payroll is exempt from income & F**A taxes!

Don't miss out on this huge tax break from the IRS!!

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees.

06/16/2023

06/09/2023

05/25/2023

Here is a tax loophole for small & medium businesses structured as S-corporations to avoid making estimated tax payments, penalties & interest

05/12/2023

New $7,500 Tax Credit Loophole for EV Leasing

The electric vehicle (EV) market is growing rapidly, but there are still some barriers to entry for consumers. One of the biggest barriers is the upfront cost of an EV. The average price of an EV is still significantly higher than the average price of a gas-powered car.

To help make EVs more affordable, the federal government offers a tax credit of up to $7,500 for the purchase of a new EV. However, there are a few restrictions on this tax credit. One of the restrictions is that the EV must be assembled in the United States.

This restriction has made it difficult for some EV manufacturers to offer the full tax credit to their customers. For example, Tesla is not eligible for the full tax credit because its cars are not assembled in the United States.

However, there is a loophole that EV manufacturers can use to offer the full tax credit to their customers. This loophole involves leasing an EV instead of buying it.

When you lease an EV, the manufacturer is the one who takes the tax credit. The manufacturer then passes on the savings to the lessee in the form of a lower monthly payment.

This loophole has allowed EV manufacturers to offer the full tax credit to their customers, even if the cars are not assembled in the United States. As a result, leasing an EV has become a more attractive option for consumers.

If you are considering buying an EV, you should definitely consider leasing one instead. Leasing an EV can save you a significant amount of money, and it can also give you the opportunity to try out an EV before you buy one.

Here are some of the benefits of leasing an EV:

You can save money on the upfront cost of an EV.
You can take advantage of the full federal tax credit, even if the EV is not assembled in the United States.
You can have a new EV every few years.
You can avoid the hassle of selling your EV when you're ready for a new one.

If you're interested in leasing an EV, I recommend that you contact your local EV dealership. They can help you find the best lease deal for your needs.

Here are some of the EV manufacturers that are currently offering the leasing incentive:

- Audi
- BMW
- Cadillac
- Chevrolet
- Chrysler
- Ford
- Hyundai
- Kia
- Mercedes-Benz
- Nissan
- Porsche
- Volkswagen
- Volvo

If you're interested in leasing an EV, I recommend that you contact your local EV dealership to see if they are offering the leasing incentive.

CPA Gurus LLC

05/10/2023

The commercial vehicle tax credit is available to businesses that lease out vehicles to consumers. As a result, many manufacturer-affiliated lenders are now passing on the $7,500 commercial vehicle tax credit as a $7,500 lease incentive to support sales.

Not every car company passes on the $7,500 commercial clean vehicle tax credit to lessees. Notably, Ford, GM, and Tesla do not currently offer a $7,500 lease incentive for EVs.

If offered by the manufacturer’s affiliated lender, the $7,500 incentive is applied as a capitalized cost reduction, similar to a down payment, towards the lease of a vehicle.

If you were planning on purchasing the vehicle to begin with, we suggest first leasing the car to take advantage of the newly available $7,500 lease incentive, and then buying out the vehicle immediately to avoid paying the high interest charges.



#2023

02/10/2023

The 2022 Tax Saving Strategy:

IRA Contributions – Individuals eligible for deductions for IRA contributions can claim deductions, and thus reduce AGI, for amounts contributed through April 18, 2023.

Effective tax planning can help you save money and increase your financial flexibility by reducing the amount of tax you owe. It can also help you avoid penalties and interest that may be imposed for failing to pay your taxes on time.

Want to find out what else you could be doing to be as tax efficient as possible? Schedule your free consultation today by clicking the link in the bio.

Click on the link in my bio to get free accounting and tax insights and to schedule your free consultation today to save money in taxes!!

#2023

01/26/2023

The IRS released the 2023 optional standard mileage rates for business, medical, and charitable purposes. Take advantage of these rates to compute your vehicle deductions!

Effective tax planning can help you save money and increase your financial flexibility by reducing the amount of tax you owe. It can also help you avoid penalties and interest that may be imposed for failing to pay your taxes on time.

Want to find out what else you could be doing to be as tax efficient as possible? Schedule your free consultation today by clicking the link in the bio.

Click on the link in my bio to get free accounting and tax insights and to schedule your free consultation today to save money in taxes!!

#2023

01/25/2023

CPA Gurus free course for small business owners is now live!

Unlock financial clarity with our accounting and taxation basics course.

Effective tax planning can help you save money and increase your financial flexibility by reducing the amount of tax you owe. It can also help you avoid penalties and interest that may be imposed for failing to pay your taxes on time.

Want to find out what else you could be doing to be as tax efficient as possible? Schedule your free consultation today by clicking the link in the bio.

Click on the link in my bio to get free accounting and tax insights and to schedule your free consultation today to save money in taxes!!