Retroactively Claim 3 Years’ Worth of Deductions
One of the best things that happened at the close of 2019 was the long-awaited extension of the 179D! This Energy Policy was cultivated in 2005 to allow a tax deduction of up to $1.80 per square foot for both new and existing buildings. This policy was recently extended through 2020, which means commercial building owners and architects who qualify have the opportunity to go back and save for 2018 & 2019!
What does this mean for my business?
This is excellent news for commercial building owners and architects because this extended tax deduction is for newly constructed or renovated buildings that have installed energy-saving elements. Your business can take advantage of these tax deductions for your 2020 projects, as well as retroactively go back and add these deductions to your 2018 and 2019 taxes. This can mean you earn up to 2 years’ worth of deductions to start 2020 off on a lucrative note.
What qualifies for the 179D tax deduction?
This tax incitative applies to any newly constructed or renovated buildings that have installed energy-saving elements. A few qualifying features include but are not limited to: hot water systems, building envelope systems, HVAC, interior lighting systems, insulation throughout the building, lighting sensor and controls. If your project includes any energy-efficient elements in those categories, it most likely qualifies for the maximum deduction possible.
How do I take advantage of the credit?
Give us a call today! Our team of 179D Tax Deduction experts will give you a free assessment today to see if your properties qualify! With little work on your part, you could start 2020 off with every tax deduction you missed in 2018, as well as take advantage of it for your 2019 taxes! So contact us today because we are ready to help you maximize up to 3 years’ worth of deductions!