Strategic tax planning can lead to significant opportunities.
Organizations across all industries are looking for ways to increase their cash flow. Decreasing tax liability through claiming business tax credits and deductions is a valuable tax planning strategy, especially during times of economic uncertainty.
The tax savings from claiming business credits and incentives allow organizations to invest more back into their business. In fact, there is a potential of up to $2 trillion in energy incentives for applicable organizations in the next 10 years thanks to the Inflation Reduction Act. The challenge is often knowing what opportunities exist and if you qualify.
These are some of the valuable business tax incentives to benefit from:
Clean Energy Investment Credits (Section 48)
Incentives for installing solar, wind, geothermal, fuel cell, energy storage, biogas, microgrid controllers and combined heat and power energy property
Research & Development Tax Credit
Incentive designed to reward innovation and development
Commercial Buildings Energy-Efficiency Tax Deduction (Section 179D)
These incentives reward building and renovation of energy-efficient projects
Carbon Capture Sequestration Credit (Section 45Q)
Incentives for capturing and storing carbon produced to reduce emissions in the air
New Energy Efficient Home Credit (Section 45L)
Incentive for newly constructed or substantially renovated low-rise multifamily and single family homes that utilize energy efficient building components
IRS Assistance with the ERC
If you’ve fallen victim to aggressive ERC scam tactics, our tax professionals can help you resolve troublesome IRS Employee Retention Credit issues
Export Tax Incentives: FDII/IC-DISC
Export incentive for U.S. manufacturers and distributors with foreign sales
Clean Energy Production Credits (Section 45)
Incentive for electricity produced from wind, open and close loop biomass, geothermal, landfill gas and trash facilities, among others
Low Income Housing Credit (Section 42)
Incentivizes developers to build affordable housing to meet the needs of the community
State and Local Tax Credits & Incentives
Help with capital investment recovery through tax abatements and other incentives, assists with payment for completed expansion projects, and may help to offset new hiring costs
Cost Segregation
Accelerate building depreciation deductions and increase cash flow opportunities
Fixed Asset Services
For savings throughout the lifecycle of your building asset
It’s often confusing for organizations to know which business tax credits and deductions are available to them and if they meet the criteria. A trusted tax consulting firm can help minimize the confusion and maximize the full tax savings potential.
Eide Bailly is a reputable firm with nationally recognized specialists experienced in business tax incentives.
We help clients across all industries with specialized, complex tax situations and make sure they benefit from all available tax savings opportunities. We save our clients millions of dollars in tax savings annually.