From category archives: Boulay

Tax Credits & Incentives

IRS issues final QBI real estate safe harbor rules

A safe harbor for rental real estate to qualify for the qualified business income deduction is now allowed.

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IRS Provides Additional Guidance on Bonus Depreciation Under the TCJA

The IRS has released final regulations and another round of proposed regs for the first-year 100% bonus depreciation deduction. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100% if the qualified property is placed in service through 2022, with the amount dropping each subsequent year by 20%, until it sunsets in 2027. (The phaseout reductions are delayed a year for certain property with longer production periods.) Of course, Congress could act before that to extend or revise the deduction.

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The Facts on Tax: Minnesota Credit Helps Women-Owned Biz

Clearly, Minnesotan women are avid entrepreneurs. In 2013 nearly 38 percent of women statewide were self-employed, according to the U.S. Chamber of Commerce, placing the state in the middle of nationwide statistics at 27th. And the number of such firms is growing: the amount increased 36 percent between 1997 and 2014, while combined revenues grew nearly 61 percent and employment rose 20 percent.

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Is the American Opportunity Credit Right for Your Family?

Should you or your child consider the American Opportunity Tax Credit for your 2017 tax return?

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Operating across state lines means new tax liability — Here’s why that might be a good thing

Expanding nationally isn’t just for large corporations anymore; small businesses are finding it easier than ever to cross state lines and widen their markets with the popularity of e-commerce and increasing efficiency of reaching far-away customers.

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Which Type of 529 Plan Should You Choose for Your Child or Grandchild?

It is never too early to start thinking about saving for your child or grandchild’s college education. There are many benefits to starting to save when the beneficiaries are young. The U.S. government allows for tax-advantaged ways for benefactors to help pay for college expenses in the form of a 529 savings plan. 529 plans are administered by each state or educational institution and can vary in terms of features, restrictions, incentives and investments.

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You May Qualify for the Section 199 Manufacturers’ Deduction

Even if your business does not manufacture anything, you may still qualify for the Section 199 deduction, commonly referred to as the manufacturer’s deduction or the Domestic Production Activities Deduction (DPAD). It is called this because it is designed to encourage manufacturing within the United States. However, it can give tax breaks to a broad range of businesses, not only manufacturers. Discuss whether your company qualifies for this tax break on your 2016 tax return with one of our expert tax advisors.

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Do You Qualify for These Tax Breaks to Help With Education-Related Expenses?

Paying for college can be burdensome, but there are certain tax breaks for 2015 that can lift some of the weight. Our expert financial advisors can guide you in saving for a future college fund, or determining if you qualify for tax breaks associated with paying for college education today. The IRS offers a tool on its website, called the Interactive Tax Assistant, to help determine if you are eligible for any of the credits or deductions mentioned in this article as well.

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Income Tax Credit: Residential Energy Efficient Property

Known also as the Residential Alternative Energy Credit, this credit equals 30 percent of the cost of qualifying small wind, solar water heating, solar electric, geothermal heat pump, and fuel cell property placed in service in a U.S.

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Income Tax Credit: Second Generation Biofuel Producer Credit

Formerly known as the Cellulosic Biofuel Producer Credit, this credit equals $1.01 per qualifying gallon produced. The biofuel must be produced and used as a fuel in the United States. Credits under I.R.C. § 40 offset federal income tax. The credit amount under § 40 is reduced if credits or exemptions are taken against federal excise taxes. If producer is an LLC, the credits flow through and are taken by the members on their individual tax returns. The credit amount must be included in income. Section 40(b)(6) credits are currently set to expire after 2016.

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