President Biden’s Inflation Reduction Act (IRA) offers taxpayers many tax planning opportunities

The Inflation Reduction Act will provide $750 billion to tackle climate change, health care, and energy.

What are your thoughts on the Inflation Reduction act?

Answers:

1. The act is excellent because it offers new tax planning opportunities.
2. The act is terrible because it will increase inflation.
3. I don’t know enough about the act to have an opinion.
4. The Inflation Reduction Act (IRA) — is full of needless spending and will drive up taxes.
5. The IRS will hire 87,000 people, an auditor on every doorstep, and an army of tax collectors.

Let us give you more insights.

One of the significant aspects of the bill that Biden signed was its goal to:

• Lower energy costs
• Increase cleaner energy production in the U.S.
• Reduce carbon emissions by roughly 40% by 2030

To combat climate change and promote green energy investment, the U.S. government has created new incentives for individuals who wish to invest their money into renewable power.

Let’s discuss how to take advantage of these new tax planning opportunities

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