In times of economic uncertainty, business owners from various backgrounds search for strategies to boost cash flow and optimize savings. Employing new personnel, making investments in novel goods and services, or expanding operations may have gotten off track or seem out of reach for construction companies today. What a relief it would be to be […]
Lets talk about IRC Section 280C!
For the tax year(s) in which the R&D credit was claimed, the taxpayer must deduct the amount of the credit from their deductible expenses pursuant to IRC Section 280C(c)(1). To put it another way, Section 280C(c)(1) requires taxpayers to raise their taxable income by the credit’s amount. By making an election in accordance with IRC […]
Breaking Down 179D Tax Credit!
Will an IRS audit occur if I claim Section 179D deductions? It is crucial for designers to carefully review those guidelines because on May 26, 2022, the Section 179D IRS Practice Unit published a knowledge-based document known as the ATG that details the procedures the IRS would follow when auditing Section 179D studies Although the […]
What does 45L Tax Credit mean?
Breaking down 45L Tax Credit For qualified owner-occupied or rental dwelling units that meet specific energy-saving standards, the 45L Tax Credit is worth $2,000 per unit. A unit must have been substantially finished after August 8, 2005, and it must remain that way until it is sold or leased before the end of 2022. The […]
Are you missing out on R&D Tax Credit?
R&D Tax Credits in the Food and Beverage Industry Food and beverage is one of the sectors that frequently misses out on claiming relevant R&D tax credits because the vast majority of the industry’s top manufacturers just do not realize that they are eligible for the credit. Keep in mind that research and development are […]
Do you still have time to apply for ERC Tax Credit?
The Employee Retention Credit Deadlines for 2023 are Approaching Quickly! Although the tax credit was set to expire in September 2021, eligible employers, businesses, and organizations can still submit paperwork and receive retroactive payments for the Employee Retention Credit in 2023. However, this can only be done up to three years after they initially filed […]
ERC Tax Credit: What Small Businesses need to know.
The Employment Retention Credit (ERC) is a tax credit introduced by the U.S. federal government to provide financial assistance to businesses during times of economic hardship, particularly during the COVID-19 pandemic. The ERC was created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020 and was later expanded and […]
Create cash flow from current and upcoming investments to fund the creation or enhancement of software.
You may be qualified for federal and state R&D tax credits equaling up to 25% of qualified spending if your business has paid for software that has been developed or improved in the United States. The incentives can even be higher if your company is funding these programs outside of the United States. Many startup […]
Have you received an ERC Audit from IRS? Do not worry we are here to help!
Concerned about an IRS audit because you claimed the Employee Retention Tax Credit and have received the money but you feel your consultant will not be able to handle the audit or is unattainable right now? You can put all your worries aside at SK Taxes! The CARES act’s Employee Retention Tax Credit (ERC or […]
What companies qualify for R&D Credit?
The Research and Development (R&D) tax credit is available to various industries that engage in eligible research and development activities. While specific criteria and regulations may vary depending on the country or region, here are some industries that commonly qualify for R&D credits: Remember that eligibility for R&D credits can vary based on regional regulations […]