Section 179D: Energy-Efficient Commercial Building Deduction
It is estimated that only 10 percent of qualifying projects take advantage of the 179D deduction. The Commercial Building Deduction, a part of the 2005 Energy Policy Act, encourages owners of commercial buildings reduce their energy consumption with a tax incentive which in turns also reduces building energy costs. How 179D Works Owners of commercial […]
Using Accelerated Depreciation and Expensing to Reduce Tax
If you are anything like a typical CPA, you would be busy examining all corporate & partnership returns trying to come up with ideas to save some money off the tax bill. You or your clients don’t need to lose sleep over this. Fortunately, there are ways to help your clients reduce their tax bills. […]
President Signs Tax Extenders into Law
On the afternoon of Friday, December 18th President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015. This Bill includes the extension of the 179D Tax Deduction retroactively for 2015 and all projects placed into service by the end of 2016. As part of the extension, the ASHRAE requirement will be […]
Qualification and Eligibility for Section 179D
Section 179D was intended to enhance the US’s energy independence by reducing the energy consumption in areas where it is needed the most: commercial buildings. Additionally, it aims to reduce energy consumption in governments buildings by allowing the AEC industry to claim the federal tax deduction. Here are some ways in which owners of commercial […]
Negotiators have reached agreement on extending Section 179D
House Speaker Paul Ryan, R-Wis., announced to Republican lawmakers at a conference meeting late on December 15 that negotiators have reached agreement on a tax-extenders package worth approximately $800 billion. This 2-year package will extend the 179D Tax Deduction retroactively for 2015 and make the incentive current for 2016. In addition to extending the expired […]
How a Pre-179D Assessment Can Improve a CPA’s Relationship with their Clients
Sometimes we get so involved with CPA firms when discussing 179D that we forget to assess the potential of the deductions. Here are some questions that you should always ask your clients to determine whether or not a study would be feasible for them: What types of improvements have been made to your building? Section […]
3 Tax Tools All Commercial Property Owners Must Be Aware Of
Jacksonville, FL real estate can be an excellent investment to preserve wealth, provided that the right tax tools are applied. However, there are many pitfalls and real estate can be a risky venture too, especially if you don’t do your taxes right. You can secure your investments and enhance your return on investment (ROI) by […]
Parking Garages and Tax Deductions Under Section 179D
It is a known fact that tax incentives are offered for owners of buildings who are energy-efficient. However, many people don’t know that Parking Garages are also included in building category of Section 179D, and the federal government has clarified this issue in the IRS Notice 2008-40 Sec.6. As a result, building and parking garage […]
3 Tips to Help Architects Win A Greater Number of Bids
Securing bids is a challenge for many Architects. In this blog, we will discuss 3 ways in which architects can win more bids. Pre-Construction Planning Tax credits and deductions on commercial buildings and projects can be gained through meticulous pre-construction planning and extensive design analysis. An architect can examine a building’s components to identify those […]
Getting to Know 179D – The Energy-Efficient Commercial Buildings Tax Deduction
The 179D is a tax break that enables a taxpayer to request a deduction amounting to a commercial building’s energy-efficiency expenditures made by them, consisting of the building’s heating, cooling, ventilation, interior lighting system, or building envelope. Certification needs to be obtained in order to verify that the improvements have been placed into service and […]
