Reap significant tax-savings through government-sponsored credits and refunds
Many companies of all sizes are not claiming the incentives they’re qualified for simply because they don’t know they are available. Our goal is to help as many businesses as possible become aware of the tax benefits that they qualify for, so that they can reinvest back in the business. Browse our tax specialties to find out how you can minimize your tax liability and maximize your profits.
Research and Development Credits Reward Your Innovation Efforts
If your company develops, designs, or improves a product, process, or software, there is a good chance you qualify for federal and state R&D tax credit in your area. To officially qualify, you must first pass the IRS’s R&D 4-Part Test. The test evaluates the research initiatives at your company and breaks it down into 4 categories: Nature, Purpose, Process, and Uncertainty.
Once we determine that your research and development activities qualify for R&D Tax credits, our national tax experts will record all qualifying research expenses and submit the audit-proof claim to the IRS.
Cost Segregation Studies for Your Commercial Properties
Most commercial buildings and facilities that were constructed, remodeled, or purchased after 1987 can benefit significantly from a cost segregation study. The first step in the process is to have an experienced cost segregation engineer conduct a thorough study of the property. The advisor will analyze each building component and record all relevant information such as cost data, building plans, and lease agreements.
The goal of the study is to increase your cash flow by accelerating depreciation deductions and deferring federal and state income taxes. Cost segregation is a complex and lengthy project for any business or property owner, so it is recommended that you hire a team of national tax experts with an engineer on staff to complete the process from start to finish.
45L Credit Rewards Energy Efficient Dwellings
Building owners, designers and contractors who have installed energy-saving elements to newly constructed multi-family projects can obtain this extremely rewarding tax credit of $2,000 per dwelling unit. This is a valuable bonus for property owners that achieve a lower carbon footprint. Energy efficiency is also a feature that potential tenants highly value when looking for a home.
Qualified applicants must file for 45L in the same tax year in which the featured properties were completed and leased. In addition, taxpayers can only go back three tax years to claim the lucrative credit, so it’s important to complete the process in a timely manner.
Leverage Your Energy Efficiency with 179D
New buildings or completed renovations that were performed in an effort to reduce energy may be rewarded with this significant tax provision. Taxpayers can earn up to $1.80 per square foot on each qualifying property, $.60 on each energy saving system. Total energy consumption must be reduced by 50% in order to qualify for 179D. Once the project is complete, a qualified professional must also certify it as energy-efficient. Once this process is complete, a detailed report is modeled, analyzed and transferred to a digital version in compliance with the IRS’s requirements.
Take the Next Step in Savings
Our team is composed of tax experts and engineers with over 20 years of experience in specialty tax areas. Contact National Tax Group at (561) 257-3436 for a free assessment and start the process of earning your lucrative tax savings.