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equipment to accommodate alternative fuel vehicles, such as a
charging station for electric vehicles or tanks for holding alternative
fuel, you can take a tax credit for the cost. The alternative fuel vehicle
refueling property credit is the lesser of $30,000 or 30% of the cost.
Find more information in the instructions to Form 8911
(https://www.irs.gov/pub/irs-pdf/i8911.pdf).
• Biodiesel and renewable diesel fuels credit. If you use unblended
biodiesel (B100) as on-road fuel for your vehicles, you can take a tax
credit of $1 per gallon for biodiesel, agri-biodiesel, or renewable
diesel. Find more information in the instructions to Form 8864
(https://www.irs.gov/pub/irs-pdf/i8864.pdf).
Conclusion
These are only a sampling of some tax breaks to take into account
when planning your actions for this year. Review your plans with a
tax advisor to determine the best strategies for your business.
PC
FINANCIAL
Barbara Weltman is a tax and business attorney, prolific
author with such titles as J.K. Lasser's Small Business
Taxes and Smooth Failing, and trusted professional advo-
cate for small businesses and entrepreneurs. She is also
the publisher of Idea of the Day® and monthly e-newsletter
Big Ideas for Small Business® at www.barbaraweltman.com
and host of Business Leader radio. Follow her on Twitter
@BarbaraWeltman.
