With a new year comes new changes, new tax laws, and new ways to protect your assets. As this year closes, it’s important to understand what changes are coming in the new year and how you can protect your financial future.
Changes from Elections
At the November 8th elections, new representatives were elected. Also on the ballots this cycle were tax measures.
- Californian voters rejected a surtax on income over $2 million.
- Voters in Massachusetts approved a measure that would effectively transition their state income to tax to a graduated income tax.
- Idaho voters approved a measure to transition to a flat income tax.
- Voters in Colorado approved a measure to introduce a marriage penalty to limit both standard and itemized deductions for high earners.
- In West Virginia, voters rejected a measure to allow their Congress to reform the tangible personal property taxes that currently includes business machinery, equipment, inventories, and vehicles – including personal vehicles.
While these specific changes won’t have a major impact on Texas taxpayers, it’s important to understand the changes that are being made throughout the country.
Inflation Reduction Act
If you’re considering new doors, windows, or appliances, 2023, there will be tax incentives up to $1,200 starting on January 1, 2023.
Also beginning in January, there will be new tax rebates for going green. These rebates will have an income qualifying provision, so reach out to us at BFG Tax Help to discuss your projects and what incentives are available for your personal tax situation.
If you’re going solar, the increased tax credit of 30% went in effect as of October 1, 2022. Your excess credit can be carried over for up to five years.
These topics are important to bring up during your tax planning process, as you may be able to benefit from them. At BFG Tax Help, we can help you identify and take advantage of any tax incentive that you may be qualified for.
Why BFG Tax Help?
At BFG Tax Help, our professionals are skilled in helping you with all of your tax and financial planning needs. We offer our knowledge to assist you with tax planning, tax representation, bookkeeping, or accounting needs. As we approach the new year and tax season begins, make sure you have the right people helping you get the most out of your taxes. Call us at BFG Tax Help in Richardson, Texas today!