MKS&H Articles

Are you taking advantage of this huge tax opportunity?

[fa icon="calendar'] Jan 24, 2017 11:30:00 AM / by Tim Stolz posted in tax deduction, Tax Savings, Construction Industry

[fa icon="comment"] 0 Comments

  

When clients call me looking to create tax deductions before year end, I generally deliver the bad news that if they want to bring their taxable income down they are going to have to spend some of their money or at least put it in a restricted account.  This, however, is not necessarily the case with clients working in the construction industry.  Clients in this industry do have an opportunity to create tax deductions for jobs that they have already completed that vastly exceeds any additional cash they will need to spend to create those deductions. 

This elusive opportunity, to magnify the deductibility of cash outlays, is called the “179D Deduction”.  The 179D deduction is available to the owner of a building that meets certain energy efficiency guidelines. More importantly for those of you who own or manage a construction, engineering or architecture firm; the government has the ability to allocate a 179D deduction to a contractor, engineer or architect who designed a newly constructed building or upgraded building system.

Read More [fa icon="long-arrow-right"]

Deductible Expenses are "Reasonable" on case by case basis

[fa icon="calendar'] Mar 23, 2016 11:59:34 AM / by admin posted in tax deductions, tax deduction, accounting, Deductible Expenses, business, tax, capital, Tax Savings

[fa icon="comment"] 0 Comments

To be deductible expenses, a business expense must be ordinary, necessary and reasonable in amount. The part of that three-pronged test that seems to give taxpayers the biggest problem is the reasonable amount.

Read More [fa icon="long-arrow-right"]

The Protecting Americans from Tax Hikes Act Passed! Here's All the Info You Need.

[fa icon="calendar'] Dec 23, 2015 2:04:58 PM / by admin posted in tax deductions, tax deduction, accounting, business, tax, Tax Savings

[fa icon="comment"] 0 Comments

It's official! The House, Senate, and President passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which includes momentous tax breaks and incentives for taxpayers. Included in this legislation are over 20 vital permanent provisions that will benefit individuals and businesses alike, including a permanent R&D credit, Section 179 deduction, and the American Opportunity Tax Credit.

Read More [fa icon="long-arrow-right"]

You May Have to Start Providing Health Insurance to your Temp & Contract Workers

[fa icon="calendar'] Dec 15, 2015 1:32:00 PM / by admin posted in tax deduction, health insurance, business, tax, Strategy, Tax Savings

[fa icon="comment"] 0 Comments

Does your organization use temporary workers or independent contractors on a regular basis?

Read More [fa icon="long-arrow-right"]

Working out at the Office is a Tax-Free Perk

[fa icon="calendar'] Dec 10, 2015 11:40:51 AM / by admin posted in tax deductions, tax deduction, accounting, business, tax, ceo, Tax Savings

[fa icon="comment"] 0 Comments

Your company probably offers an array of fringe benefits to its employees, including health insurance and group-term life insurance. While there are certain requirements, these fringe benefits are generally deductible by the company and tax-free to the employees as long as they are not discriminatory in nature. (If your company decides to reward a select group, such as limiting benefits to only the corporate officers, the benefits are generally taxable to the recipients.)

Read More [fa icon="long-arrow-right"]

Handling Interest on Loans to Inject Capital in your Business

[fa icon="calendar'] Nov 23, 2015 2:53:37 PM / by admin posted in tax deductions, tax deduction, accounting, business, tax, Entrepreneur, Strategy, capital, Tax Savings

[fa icon="comment"] 0 Comments

There are instances when you can write off interest on personal loans used for business purposes, such as injecting capital into an S corporation, multi-member LLC, partnership or C corporation. But keep in mind that interest expenses must be classified into one of four categories (see box at the bottom of this article for details).

Read More [fa icon="long-arrow-right"]

Tax Structuring for Exporters - IC-DISC

[fa icon="calendar'] Nov 12, 2015 11:23:16 AM / by admin posted in exports, tax deductions, tax deduction, imports, exporting, business, tax, Strategy, Tax Savings, Manufacturing, international

[fa icon="comment"] 0 Comments

In my previous article, How to Start a Global Sales Strategy for Your Exports , I discussed some significant incentives and resources Maryland offers manufacturers that are considering an export initiative. This second article of the three part series will look at tax structures for exporters and the incredible tax savings these structures provide.

Read More [fa icon="long-arrow-right"]

Defending the Status of Independent Contractors

[fa icon="calendar'] Oct 22, 2015 9:37:52 AM / by admin posted in tax deduction, accounting, business, tax, Entrepreneur, independent contractor, Tax Savings

[fa icon="comment"] 0 Comments

Many companies use independent contractors to slash payroll taxes and the high cost of fringe benefits. But using outside workers can result in other problems. It's no secret that Uncle Sam wages battle with businesses over freelancers. And the situation is getting worse.

Read More [fa icon="long-arrow-right"]

The R&D Buzz - How it May Apply to Your Business

[fa icon="calendar'] Oct 6, 2015 11:42:03 AM / by admin posted in tax deductions, R&D, Research, tax deduction, tax, Tax Savings, Development, Manufacturing

[fa icon="comment"] 0 Comments

Most people hear the phrase "Research and Development" or "R&D" and think "That doesn't apply to me". They think the term implies only to the use of scientists in a lab. In reality, the definition of Research and Development as it pertains to the income tax credit is quite broad.

Read More [fa icon="long-arrow-right"]

Home Office Deduction: What You Need to Know

[fa icon="calendar'] Mar 4, 2015 9:02:15 AM / by admin posted in Home Office Deduction, tax deduction, tax

[fa icon="comment"] 0 Comments

Whether self-employed or an employee, you may be able to deduct certain expenses for the part of your home you use to conduct business.

Read More [fa icon="long-arrow-right"]

Subscribe for our Latest Articles

Article Categories

Featured in Alltop

Posts by Topic

See All