Tax Planning for 2015
On December 3, 2014, The House passed the one-year extension of the tax extenders package. Once passed by the Senate and signed into law, the House bill will extend the incentives through 2014. Amongst these extenders are:
- 179D EPAct Tax Deduction
- 45L Tax Credit
- Research Tax Credit
- State and Local Sales Tax Deduction
- New Markets Tax Credit,
- Bonus Deprecation (50%)
We are anticipating that the Senate will pass the one-year extension, however, there is still a chance for the Senate and House to negotiate a longer-term package.
As we anticipate these extenders becoming retroactive for 2014, we encourage our CPA partners, property owners, and designers of government owned buildings to begin evaluating any energy efficient projects and their research and development expenditures completed over the past year. To help scope R&D, you can provide us with highlights over the last 3 years of your firm’s approximate total revenue, total number of employees, and total amount of wages paid to those employees. With this, ETS can then calculate a very accurate benefit analysis for you and your team.
Learn more about how these specialty tax services can benefit you by visit Engineered Tax Services here. Through a thorough analysis, ETS can help you reduce your tax liability and improve cash flow by contacting us today at 800-236-6519.