Business Energy Investment Tax Credit (ITC) Businesses may take a tax credit of up to 30% of the cost of investment credit property that qualifies for the energy credit. Investment credit property is any qualifying depreciable or amortizable…

C-Corporation Changes – Tax Cut & Job Act  Both C-Corps and their shareholders or owners are affected by the Tax Cuts and Job Act (TCJA) policy changes. Some major changes include the new flat inside C-Corp tax rate…

Taxpayers, their spouses and/or dependents pursuing higher education could be eligible for an education credit that can reduce amount of tax owed by up to $2,500 per eligible student. There is often much confusion when it comes to…

Please see prior blog regarding the Tax Treatment for Sale of Rental.  This blog will dive into the cost basis to use on the sale of a personal residence that was converted to a rental property.  There are…

Research & Development Tax Credit (Section 41) Do you own a business and does your business find ways to improve upon use of technology and equipment? If your answer is yes, then you could qualify to reduce your…

Taxpayers that made any energy saving improvements to their home in 2018-2021, could be eligible for a credit of up to 30% of equipment and installation costs. The credit is 30% for tax years 2018 and 2019, 26%…

Investing in a rental property has many tax benefits for a taxpayer with deductions that can offset the income earned, but what happens when that rental is sold? Unfortunately, selling a rental can have the counter-effect and create…