Filing your taxes can be tricky. With so many different rules and regulations to follow, it can feel like a miracle just to have them finished in time, let alone spend extra time figuring out where you can save money. That’s where we can help. At National Tax Group, we want to keep an extra eye out for the little things that might be slipping through the cracks; it could save you money in the long run. Here are 3 tax credits to save you money that we specialize in:
1. Research and Development Tax Credit By Industry
The research and development tax credit can be applied two separate ways. The first being through industry. Don’t worry, this tax credit isn’t just for science labs and nuclear scientists, it’s for many different industries. It was initially created as an incentive for businesses to try new developmental things. Now the R&D tax credits are available to any business in any industry that performs qualifying research activities. Businesses are no longer required to develop a product or process that is unique to their industry; it only needs to be unique to them. While many businesses are eligible, less than 33% utilize this tax credit. Those who do use the tax credit often do not reap the maximum amount of credits that they’re entitled to.
2. Research and Development Tax Credit By State
On the other side, there is an R&D tax credit by the state. Much like the one by industry, the state-sanctioned credit offers reimbursement for business activities and resources that were utilized during the research and development process. Additionally, it is available through state and federal R&D tax credits. Each state will have a different set of rules and regulations regarding its qualifications. For example, the state of Alabama doesn’t currently offer opportunities to take advantage of the R&D tax on a state level, but the federal credits available are very significant. While the state of Washington does have a Washington r&d tax credit so businesses can qualify for both state and national tax credits. Consulting with our team of tax experts can help you receive the maximum amount of credits you are entitled to. To learn more about your state’s R&D tax credits, please visit our qualifying map for more information.
3. 179D Energy Efficient Tax Deduction
Go green and save money! This tax deduction is a major win for the environment and for your company account. 179D passed under the 2005 Energy Policy, is a tax deduction directed toward incentivizing commercial builders to include environmentally friendly elements in their buildings. This doesn’t have to be a brand new building, it can also include newly renovated buildings as well. 179D extension allows a tax deduction of up to $1.80 per square foot for both new and existing buildings. If you are unsure how to qualify for this tax deduction, please contact one of our experts.
Qualifying for any of these 3 tax credits to save you money can be easy with the right help. We at the National Tax Group have built a team of experts to help you meet your personal and professional goals. Our experts want to help. If you have any questions regarding what tax credits you’re eligible for, please contact National Tax Group at 561.257.3434 for your free assessment today!