Towards the end of 2019, we saw a lot of major positive changes and renewals within the tax codes that we specialize in. National Tax Group has closely been monitoring the life of the 179D tax code for the benefit of our clients. With the filing deadline for corporate tax returns coming up on March 16th, we want to make sure that you get everything your business qualifies for.
The 179D is an incentive that expired at the end of 2017, so we are thrilled to be able to help our clients take advantage of this credit for their 2019 taxes, and retroactively for their 2018 taxes. Yes, you read that right, you can claim your benefits for these tax codes from 2018! This is an especially lucrative opportunity for architects.
Do I Qualify for the 179D tax deduction?
This tax incitative is applicable 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. Architects that work on projects that include any energy-efficient elements in those categories are most likely qualified for maximum deductions.
So before you file your corporate taxes on March 16th, give us a call at 561.257.3436 and we will assess your qualifications for free. It’s not too late to earn double this year, so make sure your business does not miss out!