We are writing to inform you of an important development in tax deductions that may affect you as a taxpayer. Here are 5️⃣ things you need to know about President Biden’s proposed budget and the elimination of a valuable tax deduction:
1️⃣ The proposed budget for the 2024 fiscal year eliminates the percentage of completion and intangible drilling cost deduction for the oil and gas industry, which has been a valuable tax-saving strategy for all taxpayers, not just the industry.
2️⃣ The elimination of this tax deduction is part of the Biden administration’s effort to combat climate change and reduce the country’s reliance on fossil fuels.
3️⃣ The government plans to redirect the funds from these tax deductions towards renewable energy research and development.
4️⃣ Investing in clean energy technologies is crucial to creating new jobs and protecting the environment.
5️⃣ To understand how this proposed budget may impact you as an individual taxpayer, we encourage you to book your tax assessment with me here. With my expertise, I can help you navigate any potential changes to your tax strategy and ensure you are prepared for the future.
Don’t wait until it’s too late!
We will keep you informed of any developments related to tax deductions and other financial updates. Thank you for your continued support.