tax
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Blog
How to Lease an EV or PHEV With a $7,500 Tax Credit
To get an estimate of whether a lease makes financial sense, we recommend calculating the total cost of a lease, comparing it to the cost of a purchase, then subtracting how much the car will likely be worth when you sell it. For example, Ford offers a $389 per month lease for 36 months with an initial payment of $5,539…
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How to Get the Used EV Tax Credit
There are several rules about which EVs, fuel-cell vehicles, and PHEVs qualify: • The car’s model year must be at least two years older than the current calendar year. That means in 2024, cars up to the 2022 model year are eligible. Only model year matters—not the year a car was first sold or registered. • The car cannot have a sale…
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Electric Vehicles & Plug-In Hybrids Qualifying for Federal Tax Credit
To qualify for a tax credit of up to $7,500, a new EV or eligible plug-in hybrid vehicle (PHEV) must meet certain rules: • A vehicle’s MSRP must not exceed certain limits, so pricey EVs like the GMC Hummer EV, Lucid Air, and Tesla Model S won’t qualify. For SUVs, pickup trucks, and vans, the threshold is $80,000. For sedans,…
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MA tax preparer and accountant pays ransom after hackers steal private info of 70K clients
Massachusetts accounting firm Bookkeeping & Business Services (BBS) this week confirmed it notified 70,168 people about a December 2023 data breach that compromised clients’ private medical and tax information. What info was compromised depends on whether the victim is a medical billing client or tax preparation client. For tax preparation clients, the breached info can include: Name Social Security number…
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Don’t Miss This Tax Deadline If You Filed for an Extension
If you applied for an extension for your 2023 tax return and have not yet completed your filing, it’s crunch time: The final deadline for 2023 returns is on Tuesday, Oct. 15, and failure to file could result in a penalty. The IRS allows individuals to request a six-month extension from the standard tax return deadline of April 15—but this…
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Apple loses $14B as Europe claws back tax – Computerworld
$3,000 each Apple isn’t happy about the outcome of the case. “We are disappointed with today’s decision,” the company said. “There has never been a special deal.” Apple was required to hand the cash over to an independent third-party-administered escrow account in 2016. That account now holds around €14 billion. With a population of 5.2 million, the cash hoard is the…
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