For many years, contractors have been advised to look into the Section 199 tax deduction for “domestic production activities.” Although the deduction focuses on manufacturing, it’s also available for “construction of real property performed in the United States” by companies “engaged in the active conduct of a construction trade or business.” Recently, the IRS clarified [...]
For construction companies structured as corporations, an Employee Stock Ownership Plan (ESOP) can be a powerful succession tool. An ESOP is a qualified retirement plan, similar in many ways to a 401(k), which invests primarily in the employer’s stock. Tax-deductible contributions are used to buy stock (typically from exiting owners) and credited to employees’ accounts. [...]
Excerpt from recently released article by thetaxadviser.com (Full article, "Next Filing Season Will Be Better: Due Dates Have a New Logical Order) As practitioners get ready for the 2017 filing season, there is hope that next year will be better. That is because the 2017 filing season will involve new due dates, a result of [...]
You don't want to miss all the good information that is included in this year's Estate Planning Guide. Here are just a few of the topics we've covered: Understanding estate planning - it's more than taxes! Greater estate tax law certainty eases planning Benefits of making gifts to loved ones Charitable giving for your family [...]
EFA is excited to release the 2016-17 Tax Planning Guide. Our guide has information relating to tax planning, investing, real estate, business and executive compensation, family and education, charitable giving, retirement and estate planning. It also includes the following in detail: New tax filing deadlines now in effect Research credit is permanent! Is your business [...]
As a construction business, your company may be eligible for the Section 199 deduction for “domestic production activities.” This tax break is known by several names, including the “domestic production activities deduction” and the “manufacturers’ deduction.” In fact, many contractors overlook the Sec. 199 deduction because they believe it’s only for manufacturers. But it’s also [...]
Your deduction varies depending on what your donating. Cash. This includes not just actual cash but gifts made by check, credit card or payroll deduction. You may deduct 100%. Ordinary-income property. Examples include stocks and bonds held one year or less, inventory, and property subject to depreciation recapture. You generally may deduct only the lesser [...]
To maximize the tax benefits of property ownership, homeowners, investors and real estate professionals alike need to be aware of the breaks available to them as well as the rules and limits that apply. Whether you’re selling your principal residence, maintaining a home office or investing in rental properties, tax savings are available if you [...]
On December 18, the Senate passed — and the President signed into law — the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which the House had passed on December 17. The act extends certain tax relief provisions that expired at the end of 2014. In many cases, it makes the breaks permanent. [...]
2016 may be another good year for families to save taxes. Most of the child- and education-related tax breaks on the table the last several years are available once again to parents — or in some cases to grandparents or to students themselves. And a new savings opportunity is now available for people with disabilities [...]
