The October 15 deadline is fast approaching. If you are looking for additional ways to reduce your tax liability, there is still time for Palma Financial Services, Inc. to secure your tax incentives. To find out if you qualify for additional tax credits or deductions, please contact us.
Ways to Save include the following:
Research & Development Tax Credit – Do you spend time improving your products or processes and formulas? Get up to 10% of your costs back!
Cost Segregation Study Have you purchased, constructed, or spent more than $500k in tenant improvement / remodel during the last 15 years?
California Enterprise Zone Credit Do you have more than 15 employees working in California? Get up to $37K of credits per employee!
Repair vs. Capitalization & Asset Retirement Studies Have you spent more than $500K renovating your building in the last 10 years? New tax regulations allow for more deductions!
179D Energy Deduction for Commercial Buildings Have you constructed or renovated commercial property since 2006? Get a deduction of $1.80 per square foot!
179D Energy Deduction for Architects/Designers Have you implemented energy-efficient designs for government-owned buildings in the last four years? Get a deduction of $1.80 per square foot!
45L Energy Credit for Multifamily and Homebuilders – Have you constructed or renovated apartments, condos, or tract homes with 15 units or more in the last four years? Get a $2000 tax credit per unit!
Setup a Defined Benefit Pension Plan before 12/13 – A Defined Benefit Plan is a qualified retirement plan under which a retiring employee will receive a guaranteed retirement fund, usually payable in installments. Annual contributions may be made to the plan by the employer at the level needed to fund the benefit. The annual contributions are limited to a specified amount, indexed to inflation.
Establish a Section 79 Plan – Install a group-term life insurance plan and be eligible for a tax deduction.
Purchase or Lease New Equipment – There are tax incentives for purchasing or leasing new equipment. Check with your accountant for deciding which is best.