Vote On Expired Tax Provisions Possible in Coming Weeks

Discussions on the Extension of the 179D Deduction Continue

The outcome of expired energy tax provisions remains unknown as the House plans to go on a six-week hiatus, beginning Friday, July 26th. Meetings are being held this week in preparation for the break, and include a vote on the Spending and Debt Deal (H.R. 3877), which was expected to include the tax extenders, but does not. 

According to Politico, Sen. Rob Portman (R-Ohio) said he hopes the Senate Finance Committee will mark up a bill for the extenders when Congress returns from the hiatus.

Your Trusted Tax Advisors

National Tax Group has been monitoring the status of these significant tax provisions since plans to renew and extend them were first introduced. We are experts in these specialty areas of the tax code and are prepared to help all taxpayers obtain them once they are able to again. Contact one of our team members to learn about the expired tax provisions and the benefits they will bring you.

Your Construction Company May Be Missing Out on Significant Tax Incentives

Offset Expenses With R&D Tax Credits for the Work You’re Already Doing

Construction companies are taking advantage of the Research and Development Tax Credit, which rewards businesses taking innovative steps to develop or improve company products and processes with tax credits that offset costs spent performing these typical business practices.

While innovation is likely not the first word that comes to mind when thinking about construction companies, advancements within digital technology,  an influx of “green” buildings and new sustainability standards have become more consistent within the industry, increasing the amount of research and development taking place during the planning and construction processes. Creative steps are now being taken to improve a building’s materials, modeling, and engineering techniques. 

Many companies are performing qualifying research activities without realizing it, and are missing out on significant tax benefits. Rather than allowing the IRS to keep your hard-earned money, learn about the daily activities that qualify for the R&D tax credit. 

Qualifying Construction Activities Include

  • Energy efficiency design or improvement
  • Developing and testing mock-up designs
  • Testing designs in new or unique environments
  • Engineering designs to improve the functionality of a building
  • Experimenting with alternative material combinations
  • Designing to improve a building’s heat, light, and power efficiency 
  • Designing of unique structure
  • Green building design and LEED certification
  • HVAC system design for efficient power usage

Is My Business Eligible?

The answer is probably yes. Most construction companies qualify without realizing that they do. Our company is comprised of tax professionals with over 50 years of experience working in the tax-saving industry and we will perform a FREE evaluation of your company to determine how much we can get you in tax credits. Contact us today.

Legislation Involving 179d Tax Deduction Moving Through Congress

Progress Being Made in Finding Solutions for Expired Tax Code

Legislation drafted with the intention of renewing and extending significant energy tax provisions is being passed through Congress, and will move through the House and the Senate for approval. 

House Ways and Means Committee Democrats drafted and introduced the legislation at their June 20th meeting. The legislation is comprised of bills that will renew and extend tax provisions, including energy tax provisions that have expired in 2017, or 2018, or are about to expire at the end of this year, through December 31st, 2020. 

The 179D deduction is a significantly beneficial deduction that rewards building owners and architects for taking steps to reduce energy consumption. Learn more about the deduction here.

Your Source of Information

National Tax Group is comprised of seasoned tax professionals who have been keeping a close eye on all developments regarding the expired tax provisions. We will continue to keep you updated and are always available to discuss the deduction, and our other services. Contact us to start a conversation.

House Panel Approves Legislation Extending Tax Breaks

Bills Will Benefit Taxpayers Who Can Take Advantage of Energy Tax Provisions

The House Ways and Means Committee advanced legislation intended to renew and extend a variety of tax incentives in a meeting on June 20th. The legislation was passed by a vote of 25-17 and will extend a variety of tax breaks that had expired in 2017 or 2018 or were about to expire at the end of this year. The bills will make these tax incentives obtainable through December 31st, 2020.

The legislation will have to be signed by President Donald Trump in order for taxpayers to begin taking advantage of it. According to The Hill, both Democratic and Republican lawmakers are looking to pass a tax extenders package this year.

The Difference is Real

Our team of professionals is well versed in specialized areas of the tax code, and we have helped our clients save hundreds of thousands of dollars through the 179D Energy Efficient Tax Deduction. The 179D deduction is among the energy tax provisions that will be extended. We are standing by to help you obtain this lucrative deduction as soon as we’re able to again.

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

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.