Organizations are looking for ways to increase business cash flow and discover tax savings, especially during times of economic uncertainty.
Business tax credits and deductions help organizations save cash and keep more money invested in their business. The challenge for taxpayers is knowing what benefits exist and how to qualify.
What types of available tax credits and deductions are there?
There are several types of business tax credits and deductions available. Each has a slightly different set of qualifications and benefits based on the type of project an organization is undertaking. Some are permanently available, while others expire and may be reinstated.
Common credits and deductions where organizations often find tax savings:
- Research and Development Tax Credit
- Section 45L New Energy Efficient Home Credit
- 179D Energy Efficient Tax Deduction
- Cost Segregation
- Employee Retention Credit
How do you qualify for available tax credits and deductions?
The challenge when it comes to business tax credits and deductions is knowing not only their availability, but also if an organization qualifies. That’s where tax credits and deductions consulting comes in.
A trusted tax consulting firm can help you understand the available tax credits and deductions and see which ones are right for your organization. Eide Bailly can help you create a solid financial strategy, consult on tax deductions and credits and move forward with confidence.