Tax Credits

Benefits of Tax Planning

Benefits of Tax Planning

During our tax season interviews at Predovich & Company, we find that many clients would have realized substantial tax savings if they had talked to us prior to taking certain taxable actions. Some areas where a pre-planning appointment with one of our CPAs may help you: Discuss your life goals Change in employment status Review […]

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Recovery Act Reminders for 2009

Filed in Deductions, Small Business, Tax Credits, Tax Law by on October 20, 2009
Recovery Act Reminders for 2009

Income Net operating losses – The ARRA amended IRC Sec. 172(b)(1)(H) to allow eligible small businesses to carry back a 2008 net operating loss up to five years instead of the otherwise available two-year limit. To be eligible for the longer carryback period, the loss must arise from an eligible small business – a proprietorship, […]

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Efficient Vehicle Tax Credit

Filed in Tax Credits by on July 1, 2009
Efficient Vehicle Tax Credit

Starting January 1, 2009, there is a new tax credit for Plug-in hybrid electric vehicles, starting at $2,500 and capped at $7,000 for cars and trucks (the credit is based on the capacity of the battery system).  The first 250,000 vehicles sold get the full tax credit (then it phases out like the hybrid vehicle […]

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“Making Work Pay”

Filed in Employment, Tax Credits, Tax Law by on June 24, 2009
“Making Work Pay”

The “Making Work Pay” credit legislation was included in the American Recovery and Reinvestment Act of 2009 (ARRA, P.L. 111-5).  The legislation provided eligible individuals with a refundable income tax credit (the “Making Work Pay” credit) for the 2009 and 2010 tax years on their personal income tax returns.  The amount of the credit is […]

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