Clean Vehicle Tax Credit in 2023

The IRS has published new guidance on credits for clean vehicles purchases. Those purchasing new EV or FCV (plug-in electric vehicle and fuel cell vehicle respectively), may qualify for a clean vehicle tax credit. According to the IRS publication, ‘The Inflation Reduction Act of 2022’ amends previous rules to claim this credit for qualified vehicles…

Health Saving Accounts and Tax-favored Health plans allowing use of pre-tax dollars for qualified medical expenses

With medical expenses constantly increasing the Internal Revenue Service provides an option to use pre-tax money to pay for medical expenses not covered by other plans. Using pre-tax dollars though available IRS programs may help offset growing health care costs. IRS Publication 969 (2018) describes available tax-favored health plans Health care Plans High Deductible Health…