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President Biden introduced the Inflation Reduction Act of 2022 in August. It is not a significant tax reform, but it includes updates to the tax code, which provides for Healthcare Tax benefits, Energy Efficient Tax benefits, and Corporate Tax changes. Therefore, it is important to plan for tax preparation in Cape Coral, FL.
How can the inflation Reduction Act impact you?
The Inflation Reduction Act (IRA) is a speculatory piece of legislation, so it is difficult to say how it might affect you. But, in general, if IRA had to be enacted and successfully implemented, it would significantly impact the economy and individual households. Here are some ways IRA can affect you:
- Lower inflation
The main goal of the IRA is to reduce inflation, which could help to stabilize prices for goods and services. If prices rise more slowly, households can easily afford their necessities.
- Higher interest rates
An IRA might need the Federal Reserve to raise interest rates to reduce inflation. This could make it more expensive for households to borrow money, whether it is for a mortgage, a car loan, or a credit card. On the other hand, higher interest rates could also make saving money in a savings account or a CD more attractive.
- Changes in government programs
An IRA can potentially impact the government programs like Medicare or Social Security. If inflation is decreased, it will get difficult for the programs to keep up with rising costs. IRA can lead to changes in the ways such programs are administered or funded.
- Economic growth
If IRA successfully reduces inflation, it will also help spur economic growth. Lower inflation can make it easier for businesses to invest and plan and can also attract customers to spend more money.
Will the IRA raise your clients’ taxes?
The IRA will not raise taxes for your client. But, the law does impose a fresh 15% tax on corporations that earn more than $1 billion, and if that applies to your client, they will see an increase.
The IRA can change some of the credits that your clients claim, and you have to prepare for their returns. It is especially true for clients having corporations or purchased electric vehicles.
What are the energy taxes for your clients?
The energy taxes are home energy rebate programs that include the Clean Vehicle Credit, energy credits, and Alternative Fuel Vehicle Credit for home improvements.
