As you know, the Inflation Reduction Act was signed into law.
Several tax and health care benefits contained in the bill may positively impact your family and/or business.
Highlights include:
New and expanded federal tax credits for buying a new or used clean fuel vehicle (e.g., electric or hybrid plug-in) for either personal or business use;
Significantly increasing the tax credits available for making your home (including second or vacation homes) and business property more energy-efficient, as well as providing new rebates to assist qualified homeowners in covering their upfront costs;
Allowing households with incomes of up to $111,000 (for a family of four) to cap their insurance premium costs at 8.5% of their income if they don't have "affordable" employer-provided insurance and buy their insurance through Covered California or another state's health care exchange;
Providing expanded and increased tax credits for businesses involved in the clean energy industry to encourage the development or expansion of more clean energy businesses (e.g., solar or wind farms); and
Limiting Medicare premium increases and out-of-pocket prescription drug costs for Medicare recipients.
Each of these tax benefits contains precise requirements to be met to claim them.
If you are interested in any of these benefits, please get in touch with our office to schedule an appointment so we can ensure you qualify.