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401(k) and IRA Limits Increase for 2023

The Internal Revenue Service (IRS) recently announced that the amount individuals can contribute to their 401(k) plans in 2023 is $22,500, up from $20,500 in 2022. Doeren Mayhew’s individual tax advisors highlight the changes for 2023 so you can be...
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Clean Vehicle Credit Comes With Caveats

The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric ...
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Biden Signs Inflation Reduction Act Into Law

On Aug. 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (IRA) into law. The IRA includes significant provisions related to climate change, health care, and, of course, taxes. The IRA also addresses the federal budget deficit. Acc...
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