Synopsys: IRC Section 179D Energy Efficient Tax Credit Expansions Section 179D Updates The Inflation Reduction Act of 2022 substantially increases the Internal Revenue Code (IRC) Section 179D energy-efficient commercial building deduction, which will benefit the architecture, engineering, … [Read more...]
Section 179 Tax Credit Calculator (and Deadline)
The Section 179 Credit can save SMBs a lot of money on equipment costs (the deduction is up to a robust $1,050,000). Passenger vehicles exceeding 6,000+ pounds GVW (gross vehicle weight) will usually qualify, but they are typically limited to a $25,000 deduction. Article Summary Section … [Read more...]
The Recovery Rebate Credit – Am I Eligible?
Taxpayers who did not receive the full amount to which they were entitled can claim it as a refundable credit when filing 2020 taxes in 2021 Article Summary -This article helps define what the Recovery Rebate Credit is, which taxpayers are eligible for the rebate and how to properly claim … [Read more...]
Are Your Business Meals And Entertainment Expenses 100% Deductible?
Article Summary This article attempts to help provide clarification for taxpayers in avoiding conflicts with the IRS with respect to business meals. On January 1,2018, The Tax Cuts and Jobs Act (TCJA) invalidated the general deduction of business entertainment expenses. Nonetheless, as stated … [Read more...]
Biden’s Capital Gains Plan: Proposed Changes May Affect Your Current and Planned Investments
Biden's Proposed Tax Plan Includes Significant Capital Gains Changes The Biden administration has recently released its proposed budget (aka "Green Book") for the 2022 fiscal year. The U.S. Treasury indicates the $6 trillion budget aims to improve infrastructure, clean energy, research & … [Read more...]
Gaining Clarity: The R&D Tax Credit – Eligibility & Misconceptions
Topics What Is The R&D Tax Credit? Eligibility Benefits Misconceptions R&D Tax Credit Eligibility: The Four-Part Test Required Documentation Changes to the R&D tax credit in 2022 What is the R&D Tax Credit? The R&D tax credit is available to companies developing improved or … [Read more...]
Consumer Credit : New FICO Credit Scoring Method in 2015
FICO, the standard for measuring consumer credit risk, is instituting a new scoring formula in an effort to help high-risk consumers access credit. The new credit scoring formula will take into account how often someone changes addresses and payment history for items such as cable, cellphone, … [Read more...]