House Democrats Discuss Plan to Renew Expired Energy Tax Breaks Through 2020

179D Energy Efficient Tax Deduction Expected to Be Renewed and Extended 

House Ways and Means Democrats took the floor in a June 11th meeting to discuss a tax package that would include the renewal of tax breaks that have expired at the end of 2017 and 2018, as well as those expiring at the end of this year, and extend it through December 31st, 2020, according to Bloomberg Tax.

A draft of the package can be released as early as the week of June 17th, according to close sources. This is a promising update in the journey towards allowing taxpayers to take advantage of lucrative energy tax provisions again.

The Difference is Real Tax Savings

Business executives in a meetingWe have been monitoring the status of the 179D Energy Efficient Tax Deduction, and will continue to do so until taxpayers are able to once again take advantage of it. We will continue to be your source of updated information, and are prepared to help your business obtain the deduction once it becomes available.

Contact us to be added to our email list to receive updates directly to your phone.

Task Force Announced to Review Temporary Energy Tax Provisions

Significant Benefits Remain In Limbo for Taxpayers

Finance Chairman Chuck Grassley (R-IA) and ranking member Ron Wyden (D-OR) announced a Bipartisan task force on May 16th, intended to determine long-term solutions to energy tax provisions that have expired.

The task force, led by Senators John Thune (R-SD), and Debbie Stabenow (D-MI) is expected to come up with solutions to the expired tax incentives by the end of June.

The announcement of the task force comes over 6 months after the GOP introduced its tax extenders package that incorporated plans to make temporary energy tax provisions permanent. This task force hopes to pick up where the GOP left off. While the status of the tax extenders package remains unknown, we are hopeful that the task force will be able to come up with a plan to make lucrative energy tax incentives permanent and attainable.

Your Trusted Tax Advisors

Our professionals understand the significance of approving the extension of energy tax provisions, including the 179D Energy Efficient Tax Deduction. We will keep you updated with any new developments.

Learn about the 179D Energy Efficient Ta Deduction and contact us to get added to our email list for up to date content. 

Going Green Earns You Green

Reduce Energy Consumption and Save on Your Taxes

The “Go Green” movement is an initiative that has been around for years and is continuing to gain momentum. Saving the planet by reducing waste and energy consumption is important to consumers, and a wide variety of companies are taking steps to do their part to contribute.

Benefit the Environment While Benefiting Your Wallet

Reducing total energy consumption not only benefits the planet, but also improves a company’s bottom line. When the total energy consumption in a building or home is lowered, the overall energy usage decreases, which in turn, decreases total energy spent, leading to a significant deduction on energy bills. Many people are unaware that there are significant tax incentives that can be claimed as a reward for energy efficiency.

Earn Significantly for Energy Efficiency

Specialty areas of the tax code allow for significant deductions and credits to be taken advantage of for the purpose of reducing taxable income and saving money overall on taxes.

The 179D Energy Efficient Tax Deduction is extremely beneficial to commercial building owners and hotel owners. Buildings that are designed, constructed or renovated to incorporate energy-saving systems can qualify for the lucrative deduction, which allows for a deduction of up to $1.80 per square foot. Architects can also take advantage of the deduction for any government-funded projects that they work on. Learn more about this deduction.

The 45L Energy Efficient Home Credit is a similar energy-efficient tax incentive, that rewards building owners who incorporate energy saving systems into their homes, condos, or apartment buildings. Top-dollar credits as high as $2,000 per qualifying units can be obtained.  Learn more about this credit.

 

The Difference is Top-Dollar Savings

National Tax Group is comprised of tax professionals with over 50 years of experience in the tax-saving industry. Obtaining top-dollar benefits from specialty areas of the tax code is our top priority and what we strive to do every single day. Our assessment of benefits is always free. We’ll work together to determine your eligibility and then provide all documentation needed to obtain these energy-efficient based tax incentives.

Discover the Savings You’re Eligible For.

CPA’s are Providing More Savings for Clients Than Ever Before

10% Commissions Available for Saving Clients More On Their Taxes

CPA’s are constantly working to ensure their client’s financial matters are in order and that their taxes are properly prepared for submission to the IRS. They are now able to provide even more by introducing specialized tax incentives that can significantly affect client tax returns. Before, these tax incentives were often underutilized and under claimed because CPA’s hadn’t known that they existed or that their clients were eligible for them. Additional tax incentives are available through the 179D Energy Efficient Tax Deduction, Research and Development Tax Credit, 45L Energy Efficient Home Credit, and Cost Segregation.

Reduce Taxable Income With Significant Tax Incentives

Partnering with a third-party, specialty tax firms allow CPA’s to open the door for their clients to save more than ever before. These specific, specialty areas of the tax code often appear too difficult to understand and too tedious to claim. That’s when our team of tax professionals step in to guide CPA’s and their clients through the tax saving process, from determining eligibility to submitting documentation to the IRS.

Working Together to Obtain Top-Dollar Savings

Companies are typically always open to learning about the new opportunities that exist that will save them even more on their taxes, and usually already qualify. Whether it be through the research and development activities that are already being performed as part of daily activities, or by simply owning a commercial building, there is a wide spectrum of qualifications that companies likely meet, qualifying them for significant tax incentives.

Partner With a Specialized Tax Firm

National Tax Group works with CPA’s to obtain top-dollar savings for more companies than ever before. Through our partnership, we provide CPA’s with upwards of 10% commissions for all fees generated when we obtain the tax incentives for their clients.

Learn about our CPA Partnership+ Program and start earning commissions.

The Cosmetic Industry is Earning Head-Turning Tax Credits

Earn Significantly for Staying Ahead of the Competition

Companies within the cosmetic industry are often unaware that the research activities being performed daily to perfect their current products and develop new ones in order to stay ahead in a rapidly expanding industry qualifies them to take advantage of an often underutilized tax credit. The Research and Development Tax Credit was designed with industries like cosmetics in mind, and rewards innovation in business by providing a sizable tax credit to qualifying companies who can use the credits to reimburse costs spent performing research and development.

Beyond the Shelf

The cosmetic industry extends far beyond the shelves of your favorite beauty supply shop or drug store. Each product is designed and developed through a rigorous research and development process funded by the companies. The research and development process can be quite costly, so having a tax incentive that provides significant credits is extremely beneficial for companies within the industry.  

Think about your morning and nighttime skincare and beauty regime. All of the products used were carefully developed to meet the standards of the health department and to provide the luxurious experience you crave. In this age of digital media, consumers are constantly being bombarded with ads and information on new products, formulas, and beauty secrets that they have to get their hands on. These companies working to stay relevant and set themselves apart from their competition are performing qualifying research activities consistently in order to improve their existing products, and constantly develop new ones. Companies are already doing the work so it’s important that they are made aware of the significant tax credits they’re able to take advantage of.

Cosmetic Industry Activities that Qualify:

  • Developing alternative options to animal testing
  • Developing and improving chemical product formulations
  • Developing new ingredients and formulas
  • Researching and developing products with the use of organic and bio-based ingredients
  • Quality assurance research
  • Exploring new tests and evaluations
  • Generating prototypes and samples of new products for testing and validation

Don’t Be That Company That Misses Out

Almost 90% of eligible companies neglect to take advantage of the R&D Tax Credit for the sole reason that they are unaware that the credit exists and that they can qualify. Chances are, the company’s day to day operations already qualify it for a sizable credit. A third-party tax group, like National Tax Group, will look at all the documentation pertaining to the research and development being performed and determine if that company can benefit.

We all like beauty supplies and we all like saving money. There are no risks in having a free assessment of benefits performed by National Tax Group, only the potential for significant benefits. Contact our team today.

 

Tax Saving Services That Are Risk-Free and Cost You Nothing

Business executives in a meeting

Our Only Goal is Saving You On Your Taxes

Our approach to taxes is a little different, because our collection of services are a little different. National Tax Group is highly focused on specialized areas of the tax code, enabling us to provide you an estimate of your savings without any cost to you. If you decide the savings are not great enough, no problem, we won’t charge you. But, more often than not, we find lucrative deductions and credits that amount to serious savings.

No Contracts, No Pressure

We never put pressure on our clients to work with us by requiring deposits upfront or by having them sign a contract. The only thing that we need from our clients during the assessment period is proper documentation. Upon review, we only estimate tax savings that we are confident we can deliver, and don’t expect our clients to commit until they feel convinced of the value we provide.

Tax Extenders Decision Brings Republicans and Democrats Together

Both Sides of the Aisle Agree That Extensions Should Pass

Key players on both the Democratic and Republican side of the discussion to pass a significant tax extenders package are speaking out in favor of just that, following the House Ways and Means Committee meeting.

Chairman Mike Thompson (D-CA) stated that the tax extending provisions in discussion require additional scrutiny, and that lawmakers should work as quickly as possible to come to an agreement to pass the extenders. Republican lawmakers are also weighing in, with Committee Ranking Member Kevin Brady (R-TX)  saying that he is working on the package in order to make some of the temporary provisions permanent, and phase out and omit other ones.

The House Ways and Means Committee met on Tuesday, March 12th, to continue the discussion on the package. While no decision has been made yet, having overall bipartisan agreement that the extenders should pass is encouraging news to tax firms and taxpayers alike.

The tax extender package would have a significant impact on all taxpayers, especially those that can take advantage of the 179D Energy Efficient Tax Deduction, and the 45L Energy Efficient Home Credit.  

We have been your trusted advisors on the decision of these tax extensions, and will continue to keep our readers updated and informed.

President of National Tax Group Meets With Key Players in Tax Extenders Vote

Discussions regarding lucrative tax extensions continue

The House Ways and Means committee met on Tuesday, March 12th, to continue the discussion on the lucrative tax extenders first introduced by the GOP in November 2018.  The package intends to extend incentives including the 179D Energy Efficient Tax Deduction ($1.80 per square foot for energy-efficient commercial buildings) and the 45L Energy Efficient Home Credit (a $2,000 credit for the construction of new energy-efficient homes).

National Tax Group President Lee Ferry met with lawmakers right before the meeting on behalf of taxpayers nationwide to strongly encourage a push to approve the tax extenders. Ferry met with Representative Ralph Norman (SC), Congresswoman Judy Chu (CA), and other members of the committee to get a feel of what the general consensus regarding the tax extenders package being approved is. “They confirmed our confidence, and informed us that the Senate intends to pass the tax extender package”, Lee Ferry told his employees upon returning home from Washington D.C.

While it is unclear when the fate of the proposed tax extensions will be decided, both sides of the aisle agreed during the meeting that the unpredictable and temporary nature of the extenders do nothing but hinder the effectiveness of the extensions. Ferry explained the importance of permanent and reliable tax incentives during his discussions with The House Ways and Means committee.

We will continue to monitor the decision surrounding the tax extenders and keep you updated with the very latest.

Read the full proposed bill on the United States Government Website here.

Lucrative Tax Extenders to Be Discussed in Upcoming Meeting

Tax Package Intends to Extend Deadlines of Lucrative Tax Incentives

We have been closely and patiently following the status of the GOP’s End of Year Tax Package since it was first introduced to the Senate in November of 2018. Now, after months of discussion and no movement, the House Ways and Means Subcommittee on Select Revenue Measures will hold a hearing on tax extenders on March 12th, 2019. 

The hearing will discuss dozens of tax incentives that have expired, including the 179D Energy Efficient Tax Deduction and the 45L Energy Efficient Home Credit.

We are your trusted tax advisors to lean on once the tax extenders are approved, and are committed to helping you obtain the maximum amount of savings possible.

Read the full proposed bill on the United States Government Website here.

Software Development Companies – Earn Big for Thinking

Don’t Let Cash Slip Through the Cracks to the IRS

Software development companies are able to benefit significantly on their taxes through the Research and Development Tax Credit. These companies are constantly developing new prototypes and products in order to remain relevant and on top in a rapidly growing and competitive industry by performing research activities.

These research activities that are being performed as part of daily operations often qualify for the R&D Tax Credit. Many companies fail to take advantage of the credit simply because they don’t realize that the work they’re doing is qualifying.

Qualifying Research and Development Activities Include:

  • Programming software
  • Designing and developing new software
  • Establishing electronic interfaces and functional relationships between various software modules
  • Conducting requirements, domain, software elements or scope analysis for a new functional software enhancement
  • Developing new or improved technologies
  • Core infrastructure development

Up to 90% of a company’s annual eligible costs can be applied, dollar for dollar, against its federal income tax liability. The money claimed through the Research and Development tax credit can be used to subsidize amounts paid on the salaries of employees performing the research activities, supplies used during the research, contract research, and computer leasing. 

The research and development tax credit rewards businesses for taking innovative steps to develop or improve their products, processes, or software. Any company that fits these criteria and is performing research activities that pass the 4-Part Test created by the IRS is likely eligible. The work is already being done, so there’s no reason not to have your research and development examined by a third-party tax firm. 

If you own a software development company, there is no risk in reaching out to us for your FREE assessment of benefits. Contact us today.