Making certain you're not overpaying your taxes.

If you’re considering the purchase of an electric vehicle for your business or personal use, now is the time to pay close attention. On July 4, the president signed the One Big Beautiful Bill Act that terminates the following three major electric vehicle tax credits, effective September 30, 2025: • Section 45W—Commercial Clean Vehicles Credit. Up to $7,500 for light electric vehicles and up to $40,000 for heavy-duty commercial vehicles. This is the best tax credit for business owners because it does not phase out with income. • Section 30D—New Clean Vehicle Credit. Up to $7,500 for qualifying new electric vehicles, with requirements for domestic sourcing of battery components and minerals. This credit is phases out with income. • Section 25E—Previously Owned Clean Vehicle Credit. Up to $4,000, or 30 percent of the purchase price, for eligible used electric vehicles. If you’re looking to buy an electric vehicle and want to claim the tax credit, now is the time to act.

https://taxfoundation.org/data/all/... The top 10% of earners pay 72% of all income taxes paid. This article does a good job of showing who pays how much. The tax payments are very progressive, with many earners paying no tax at all. If you want to discuss how the proposed bill might affect you or diagnose your savings from tax strategies you can book an appointment here. https://calendly.com/d/cphr-s6j-zkv...

The short term rental loophole is a strategy we use to create losses on real estate that will offset ordinary income for high income earners. Usually the passive activity loss rules prevent real estate losses from offsetting ordinary income, which is business and W-2 income. Schedule a strategy session to see if you qualify for the short term rental loophole, or other strategies to save tax. 

Thank you to Naomi DeMartini and the team at J. Johnson Insurance for nominating us for the #SpeakYourMIND Ice Bucket Challenge! We nominate Backbreakers NW, Strevel Construction, and South Whidbey Real Estate!

New clients always say.... "My old CPA never asked me these questions". After we implement our strategies we save the average new client about $26,000 per year using workhorse strategies that are proven. Most of them have to be set up and implemented ahead of time.

Due to this year’s high inflation rates, the IRS tax bracket adjustments for 2023 could result in a change to your federal income tax bracket. These inflation adjustments may help some taxpayers to lower their taxes and provide opportunities to invest more into their IRA and 401(K) accounts. While some certainly may benefit from these changes for the coming tax season, do not expect this to be a reoccurring annual assist. For more detailed information on how you could be affected, schedule an appointment with us! https://cbsn.ws/3BO9UfX