Yes, the Volvo XC60 Plug-in Hybrid (PHEV) qualifies for the federal tax credit of up to $7,500. This is due to its larger 18.8 kWh battery, which meets the capacity requirements for the full tax credit under the Inflation Reduction Act. However, to be eligible, the vehicle must also meet other criteria, such as having … Read more

The 2024 Mazda CX-90 PHEV does not qualify for the federal tax credit under the current regulations. One key reason is that the vehicle’s final assembly takes place in Japan, whereas the federal tax credit under the Inflation Reduction Act requires that eligible vehicles undergo final assembly in North America to qualify. Additionally, the CX-90 … Read more

In Florida, 100% disabled veterans are exempt from paying sales tax on certain vehicle purchases. To qualify for this exemption, the veteran must meet specific criteria: Have a 100% permanent service-connected disability rating from the Department of Veterans Affairs (VA), or be certified as having a severe traumatic brain injury. The vehicle must be purchased … Read more

Xero and FreshBooks are both popular accounting platforms, but they serve slightly different purposes, and most users won’t typically need to use both simultaneously. However, if you’re using Xero and are considering FreshBooks, there are a few reasons why this combination might benefit certain users, depending on your business needs: 1. Simplified Invoicing and Client … Read more

Yes, employees can track mileage in FreshBooks, but it’s typically geared toward self-employed individuals or business owners who track their own expenses. While FreshBooks doesn’t have a dedicated mileage tracker like some other accounting software, users can manually log mileage as an expense category. How It Works: Employees or business owners can enter mileage expenses … Read more

Yes, you can deduct crypto accounting software on your taxes if it’s used for managing business-related crypto transactions or activities. Here’s how it works: 1. Business Expense Deduction If you are using the crypto accounting software to manage cryptocurrencies as part of a business, the cost of the software would qualify as a business expense. … Read more

The deployment of airbags does not automatically make a car a tax write-off, but there are specific scenarios where you could potentially deduct or recover the costs associated with the accident. 1. Casualty Loss Deduction (Personal Vehicles) If your vehicle is damaged in an accident (e.g., due to the deployment of airbags in a collision), … Read more

In most cases, plastic surgery is not tax-deductible as it is considered a personal expense by the IRS. However, there are certain circumstances where plastic surgery could be deductible for models or individuals in other professions, but the requirements are strict. Medical Necessity vs. Cosmetic Purposes Medical Reasons: If the plastic surgery is deemed medically … Read more

Yes, you may be able to write off expenses related to an emotional support animal (ESA), but there are strict requirements you must meet for the expenses to qualify as a tax deduction. Here’s how it works: 1. Medical Expense Deduction The costs of maintaining an emotional support animal may be deductible as a medical … Read more

No, child support payments are not tax-deductible. If you are the parent making child support payments, you cannot write them off as a tax deduction. Similarly, if you are receiving child support, it is not considered taxable income, so you do not have to report it on your tax return. Why Child Support Isn’t Deductible: … Read more