If you drive a personal vehicle for business purposes, the business mileage deduction is a great way to save money on your tax bill. But the HMRC won’t just take your word for it, it needs proof. Here’s what the HMRC will want in your mileage log.
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Common Challenges When Claiming R&D Tax CreditsThe R&D tax credit is a governmental incentive designed to encourage research and development activities in the US. This credit offers a dollar-for-dollar reduction on federal taxes for […]
Foreign Housing Deduction: A Guide For Self-Employed US ExpatsLiving abroad as a self-employed U.S. expat comes with unique financial benefits, one of which is the Foreign Housing Deduction. This deduction can significantly lower your taxable income by allowing […]
Helping Some Taxpayers But With Much Complexity – SECURE Act 2.0 Sec. 115 Emergency WithdrawalsSECURE Act 2,0 with over 60 provisions mostly all related to retirement plans, was enacted December 29, 2022 as part of the Consolidated Appropriations Act, 2023 (P.L. 117-238). I maintain a table of […]
Tax Home: IRS Definition And ImplicationsKEY POINTS OF IRS DEFINITION: General Area of Business Activity: The IRS defines your tax home as the “entire city or general area” of your regular workplace or place of business, regardless of where […]
Does the Inflation Reduction Act Give Rise To A New Tax Strategy Called Chaining?Historical and New Energy Credits Indicate “Potential” New Tax Strategy Historically, the Code provided two types of credits for renewable energy projects. The first being the production tax credit […]
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