Business Credit – DougFreemanCPA.com

Claiming the business energy credit for using alternative energy

Alternate Energy, Business Credit, Tax Credits, Tax Savings / Douglas Freeman

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. The credit is intended primarily for business users of alternative energy (other energy tax […]

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Weighing the risks vs. rewards of a mezzanine loan

Business Credit, Business Loans, Small Business / Douglas Freeman

To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’ revenue but may have also opened opportunities for others to expand or pivot into more profitable areas. If your company needs

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Work Opportunity Tax Credit extended through 2020

Business Credit, Employees, Small Business, WOTC / Douglas Freeman

If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The WOTC was set to expire on December 31, 2019. But a new law passed

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How to research a business customer’s creditworthiness

Business Credit, Small Business / Douglas Freeman

Extending credit to business customers can be an effective way to build goodwill and nurture long-term buyers. But if you extend customer credit, it also brings sizable financial risk to your business, as cash flow could grind to a halt if these customers don’t make their payments. Even worse, they could declare bankruptcy and bow

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Research credit available to some businesses for the first time

Alternate Minimum Tax (AMT), Business Credit, Business Income Tax, Federal Income Tax, Income Tax, Internal Revenue Service, Tax, Tax Credits, Tax Cuts and Job Acts (TCJA), Tax Planning / Douglas Freeman

The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a result, the research credit may be available to some businesses for the first time. AMT reform. Previously, corporations subject to alternative minimum tax (AMT) couldn’t

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TCJA changes to employee benefits tax breaks: 4 negatives and a positive

Business Credit, Employee Benefits, Federal Income Tax, Small Business, Tax, Tax Credits, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. Four breaks curtailed beginning with the 2018 tax year, the TCJA reduces or eliminates tax breaks

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Tax credit for hiring from certain “target groups” can provide substantial tax savings

Business Credit, Income Tax, Small Business, Tax Credits, Tax Savings, WOTC / Debbie Davis

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your 2017 tax

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