It's finally summer! School is out and its time to hit the open road for your summer trips.

Do you love saving money on taxes?

Do you also love the Earth?

Do you also love waiting extended periods of time for a battery to charge?

Well, two outta three ain't bad.

We are, of course, talking about electric vehicles (EVs). The tax credit for EVs has been extended and slightly tweaked as a result of the Inflation Reduction Act.

Tax payers can receive a tax credit up to $7,500 for new EVs.

A few stipulations to know before you start hitting the car lots looking to cash in on going green:

• The EV needs to have been assembled in North America
• The purchase price needs to be $55k or less for cars and $80k or less for Trucks/SUVS
• Your income must be under $150k ($300k if married filing jointly).

But what if you have your eye on a $250,000 Lucid Air, or some other EV that is assembled outside of North America? Fret not, as this is the IRS we are talking about, so of course there is loophole, and it's a pretty simple one: leasing! By leasing the EV you will bypass all of the stipulations and be eligible for the $7,500 tax credit. 

There is even a credit of up to $4,000 if you are just in the market for a used EV.

Tax savings like these may make all the "are we there yet?" questions and endless time at the charging stations worth it.

Be sure to discuss these and other tax tips with your tax professional.

Interested in hearing more? Or have ideas of your own? We'd love to hear them!

Hiring Family Members in Your Business

We are entering the dog days of summer, and little Tommy and Susie are getting restless. They've conquered their latest video game, and summer camps and sports are coming to an end. So, what do you do to keep them from climbing the walls or falling into the pit of despair that is social media? Put those little brats to work!

The IRS has a carve out for parents to put their kids to work in their business to the tune of $12,950 per child, tax free!

What is the catch? 

• The kids actually need to be working in your business. Have them stuff envelopes, write posts for your social media, hand out flyers, data entry, etc.
• You have to pay them a reasonable rate. Sorry, but little kiddo isn't worth $50/hr. to lick envelopes. Pay them the same rate that you would if you were to outsource the work to Joe off the street.
• For the plan to be entirely tax free, the wage needs to come from a sole proprietorship. If you are operating as an S Corporation, no worries! You would then create a family management company that would be essentially serve as a contractor from your business that in turn pays the kids. So long as the kids are under 18, there are no FICA taxes that need to be withheld from pay and no income tax will be due if they stay under the standard deduction amount ($12,950).

How does it work?

Simple. Put little Tommy and Susie to work stuffing envelopes and handing out flyers for your business. Pay them (up to) $12,950 and put the money into an account that they are on signers on. Violà! Your business takes the expense deduction AND your businesses taxable income is reduced. Little Tommy and Susie will also have a little bit of spending money that can be used for anything like their back-to-school clothes and supplies, or their first car, the latest iPhone, you get the idea...

Contact our office if you'd like to discuss more small business tax tips. 

Referral Corner

Every month we put the spotlight on another local business.

This month we're featuring:

Chris, with Focused Media!

Meet Chris:

What do you do?

At Focused Media, we specialize in real estate photography, providing the solution to the problem of effectively showcasing properties in the most appealing and compelling way. We understand that high-quality visuals are essential in the competitive real estate market to capture the attention of potential buyers and tenants. Through our expertise in composition, lighting, and attention to detail, we create stunning images that highlight the unique features, architecture, and ambiance of each property. By solving the challenge of presenting properties in their best light, we help our clients attract more interest, generate leads, and ultimately achieve faster sales and rentals.

What is your specialty and who do you help? 

Our specialty lies in serving the real estate industry with our top-notch photography and videography services. We cater to a range of clients, including real estate agents, brokers, property developers, and homeowners, who understand the importance of professional imagery in marketing their properties. Whether it's residential homes, commercial buildings, luxury estates, or rental properties, our expertise lies in capturing the essence and beauty of each space. We work closely with our clients to understand their specific needs and tailor our services to showcase their properties in the most captivating way. Our goal is to provide visually stunning imagery that helps our clients make a memorable impact on potential buyers and renters.

What is the best way to reach you to get started?

To reach us and get started on your real estate photography needs, there are a few convenient ways to get in touch with Focused Media. You can visit our website at www.focusedmediamn.com where you'll find a dedicated contact form. Simply provide some details about the property you would like us to photograph, including the location, size, and any specific requirements or preferences you have. Alternatively, you can reach out to us directly via email at chris@focusedmediamn.com or by giving us a call at (507) 200-9717. We value prompt communication and will respond to your inquiry as soon as possible. We understand that every property is unique, and we look forward to discussing your specific project and how we can help you showcase it in the best possible light.

What do you do when you're not working?

When we're not working on real estate photography projects, we continue to nurture our passion for photography and videography. We explore different genres of photography, engage in personal creative projects, and experiment with new techniques and equipment. Additionally, we stay up to date with the latest trends and developments in the industry, attend workshops and seminars, and participate in community events to expand our knowledge and network with fellow professionals. We also find inspiration in nature and travel, capturing the beauty of landscapes and cultures around us. By constantly exploring and expanding our artistic horizons, we bring fresh perspectives and innovative ideas to our real estate photography, ensuring that we consistently deliver outstanding results to our valued clients.