Happy Holidays & New Year

We at CGF would like to wish you and all your families & friends a most
wonderful Holiday Season and a Happy Healthy Prosperous New Year 2022!

                                                    Income Tax Corner
Electric Vehicle Tax Credit – Current Federal Income Tax Credit ranges from $2,500 to $7,500.  House-passed (has not passed Senate)
Build Back Better bill would increase tax credit break to a maximum of $12,500 for new electric vehicles purchased in 2022 through 2031. Suggested retail price limits cannot exceed $55,000 for sedans and $80,000 for vans, SUV’s or pickup trucks.  Bill if passed by Senate would also allow for a lesser credit on purchase of used electric vehicles.
Tax Deductions Allowed
For treating allergies to chemically contaminated food, a Chicago couple could eat only pricey organic food as prescribed by three different doctors. Couple deducted as medical expense difference in price between organic food and regular food treated with chemicals. U.S. Tax Court allowed deduction.

A Wisconsin bodybuilder deducted almost $14,000 over three years the cost of three body oils – including a tanning product – that helped his career. U.S. Tax Court allowed business expense write-off because the oils were primarily marketed in bodybuilding magazines, instead of sold to the public.

Contact Information
www. cgf-inc.com – phone – Ken – 458-209-1484 or email ken@cgf-inc.com
Corporate NMLS – 1913112 MLO – NMLS -1913394
CGF, Inc. Private money lender – Inquire to compare
(December 2021)