UNDERSTANDING THE ELECTRIC VEHICLE TAX CREDIT PROGRAM
As consumers become more conscious in their environmental footprint, and look for ways to save money, more and more electric vehicles can be seen on the roads today stretching from coast to coast. At this point, most taxpayers know or have heard of an electric vehicle tax credit program, but what they may not know is that there are specific conditions and limitations that must be met, and that some vehicles have actually phased out of the program. So, before you consider an electric vehicle for your next purchase, make sure it qualifies. Here’s a rundown of what you need to know about the electric vehicle tax credit, how it works, and what qualifies. READ MORE HERE
WILDFIRE TAX RELIEF FOR WEST COAST
Victims of the California wildfires that began on August 14th may qualify for tax relief from the IRS and FTB. Taxpayers in the governor-declared or presidential declared disaster areas are granted an extension to file tax year 2019 California tax returns until December 15, 2020. For a complete list of counties and which deadlines are extended, visit the IRS and State of California websites.
TAX PLANNING DURING HISTORICALLY LOW INTEREST RATES
The unprecedented global pandemic and record unemployment has resulted in a dramatic drop in interest rates. Many people focus on the Fed rate and mortgage rates, and rightfully so, but for some, the focal point should be on the historically low IRS interest rates. READ MORE HERE