An increase in demand for R&D tax credits has taken New Hampshire by storm. Governor Chris Sununu recognized 2020 as a historic high in the volume of R&D credit business applications — resulting in a whopping 276 recipients. However, the rising demand for this tax credit has resulted in a smaller share for businesses. This year, the number of businesses
Since it has entered the global market, the medical marijuana industry has continued to experience rapid growth. As state laws begin to adjust based on the legalization of both medical and recreational marijuana, companies are now finding themselves in unique positions to start exploring research and development for marijuana products and indoor growth systems. One of the main research
Industrial and manufacturing companies can start receiving more money back on their properties by using a strategic tool tax known as cost segregation studies. This study takes facilities like manufacturing and Industrial plants that usually depreciate over a period of 27 to 39 years and cuts the depreciation time to 5, 7, or 15 years. Lessening the time it
The health industry has experienced a huge rise in the demand for plant-based alternatives over recent years. According to a study done by Good Food Institute, plant-based food options are growing in sales twice as fast as overall food sales with a 27% increase over the last year alone. In 2020, plant-based alternatives became a $7 billion market which was
Businesses in the state of New Mexico who are innovating within their business or take part in research and development to improve can claim beneficial tax credits. These tax credits are given to businesses by both state and federal governments in order to promote more innovation within industries all across America. If you’re a business owner located in New
Restaurant owners who have recently built or remodeled their property have the opportunity to earn more back on their properties by using a strategic tool tax known as a cost segregation study. This study takes properties like restaurants that usually depreciate over a period of 39 years and cuts the depreciation time to 5, 7, or 15 years. Lessening
Over the past few years, the automotive industry has seen massive growth when it comes to manufacturing vehicles, car parts, paints, and the processes used to design them. With the emergence of electric cars, increased safety features in vehicles, added environmentally friendly components, and more, companies within the automotive industry can earn research and development tax credits now more than
For many business owners, accelerated depreciation is not an unknown concept but it may be hard to fully understand without the help of an attorney or CPA. However, gaining a simple understanding of the different ways your business can take advantage of accelerated depreciation not only helps your company save money in the short term but also helps you plan
Recent changes to Connecticut’s tax laws have been set in place after Governor Lamont signed the state’s budget legislation into law on June 23, 2021. One of the most important tax changes centers around the state’s research and development tax credits. These tax credits are given to businesses by the state for performing research and development to help develop
If you’re a hotel owner looking to earn tax savings on your property, there are two lucrative tools that can help you achieve this goal. The 179D Energy Efficient Tax Deduction and Cost Segregation Studies (CSS) are two of the most important tax benefits when it comes to saving and earning money on hotels. Here at National Tax Group,
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