Does your business invest in energy-efficient building systems? If you are not currently benefitting from the section 179D or section 45L tax deductions, you could be losing out on thousands of dollars of tax savings. The good news is that these deductions were extended by Congress through December 31, 2020 and this extension also made these tax incentives retroactive back to the year 2016.
Several changes to U.S. tax laws over the past couple of years were created to benefit businesses. Your tax advisor can show you ways to maximize these benefits and minimize your tax liability for 2019.
In July 2019, Senator Tom Tillis and Senator Maggie Hassan proposed a bill - The R&D Tax Credit Expansion Act, to expand the research and development (R&D) tax credits that can be taken against federal payroll taxes for startups and small businesses.
Meat alternatives are clearly having a moment in the spotlight and experimentation and development will determine if this is a fad or our future.
Once you know what type of research and projects your competitors are producing, it gives you a better perspective of where you need to put in more effort and resources with your R&D.
With a permanent R&D credit, taxpayers can more effectively plan and commit to long-term investments in their R&D and innovation.
For the first time since 1937, farmers will be allowed to legally grow industrial hemp throughout the United States thanks to the passing of the U.S. Farm Bill in 2018. Hemp is a versatile plant with thousands of applications across multiple industries.
Using your R&D tax credit knowledge, you can then offer these specialty services to your clients. You can help with the process of capturing the correct R&D documentation throughout their daily operations and all future projects.
As an investor, you should be knowledgeable of the R&D tax credit and its value as a powerful source of funding that can boost your portfolio and give you the added edge over your competition.
Thanks to these updated regulations, non-traditional software companies that are investing time and efforts into the development of internal use software to build and streamline their business functions, can expect to receive a substantial boost in their ability to claim R&D based tax incentives.