May highlights from The MWE Advisor: Despite changes in the tax law, you may still be able to receive generous tax benefits for home improvements; IRS announces changes for personal use of employer-provided vehicles.
Three Ways to Get Tax Breaks for Home Improvements
You may still be able to realize generous tax benefits for home improvements — despite some changes that were enacted as part of the Tax Cuts and Jobs Act. If you’re planning to make renovations to your home and you meet certain requirements, you can claim deductions or a credit. Here are the basic rules.
IRS Announces Changes for Personal Use of Employer-Provided Vehicles
The use of a company car is a popular perk for employees at some companies. But under tax law, this benefit isn’t completely free to employees. Essentially, the personal use of a company car is treated as a taxable noncash fringe benefit, subject to income tax withholding by the employer. The IRS just released a relevant figure for 2019 used in calculating the benefit.