Articles Tagged - TaxCredit

Potential 15% Increase in NJ Angel Investor Tax Credit Program

By Wiss, Posted in Tax

By Bill Beiermeister, CPA and Ryan Silva, CPA, CFE, CVA In January 2013, Governor Chris Christie signed legislation creating an angel investor tax credit program to spur job creation and growth in New Jersey's current and next generation of high-skill, high-wage emerging technology industries. Under the current program New Jersey offers a 10% investor tax credit for an individual that invests in a New Jersey emerging technology company up to a maximum of $500,000 for the tax year for each qualified invest... read more.

Does Your Business Qualify for Lucrative R&D Tax Credits?

By Wiss, Posted in State & Local Tax Services

By Wiss Associate “My company’s not in the business of research and development, so how could we qualify for R&D tax credits?” If that’s what runs through your head when you think of this particular credit, it’s understandable – especially if you don’t have any scientists or many engineers on staff. Or a dedicated research and development department. The truth is, you could earn lucrative federal, state and local tax credits with work that you don’t eve... read more.

Tax Benefits of Charitable Giving

By Wiss, Posted in Tax

By Wiss Associate As the new year is set in motion and you tuck away holiday presents, you may have stumbled upon items that you rarely ever use. Instead of finding additional space for these objects, it can prove to be more beneficial—and profitable—to donate them! If you break down your deductions, a contribution to an eligible philanthropic group can award you a charitable contribution deduction against your income tax.  Normally, you can subtract up to half of your adjus... read more.

Plug in Your Car and Receive a Tax Break

By Wiss, Posted in Tax

By Wiss Associate Have you recently purchased an electric or hybrid car? If so, you may be eligible for a significant tax credit. Consumers of these energy-friendly vehicles can benefit from a tax break of $2,500 to $7,500, contingent on two essential factors: a car’s battery size and the amount of income taxes you owe during a specific year. Contrariwise, vehicles that have 4 kWh batteries can be eligible for a $2,500 tax benefit. In order to stay informed on the complex rules of this federal tax c... read more.

New Doors, Windows, or AC Unit? Get ready to receive a tax credit!

By Wiss, Posted in Tax

By Wiss Associate If you made your home a little more energy efficient last year, you may qualify for a tax credit on your federal income tax return. In previous years, to encourage clean energy conservation in residences of Americans everywhere, the Department of Energy and the EPA have worked collectively to develop Energy Star, a program designed to promote business and home energy efficiency by deeming appliances like solar panels, air conditioning and heating systems, and windows tax deductible. In tu... read more.

How to Take Advantage of the Grow NJ Tax Credit

By Wiss, Posted in State & Local Tax Services

By Amanda Dominguez The only bad thing about tax credits is the possibility of missing out on one. To make sure that doesn’t happen to your business, here is some background on the Grow New Jersey tax incentive and how it could affect your company.  Per-employee credits add up The Grow New Jersey Assistance Program is offered through the state’s Economic Development Authority (EDA) to encourage businesses in technology, manufacturing, warehousing, research and development and other cate... read more.

How to Take Advantage of the 45L Energy Efficient Home Tax Credit

By Wiss, Posted in Real Estate

When and why residential real estate developers should consider it By Alexander Narcise  The Federal Section 45L Energy Efficient Home Tax Credit is relatively new and little known, but those who take advantage of it can reap substantial benefits.  Here are two examples of 45L tax outcomes:  After due diligence, a housing developer in Connecticut received a tax credit of $2,000 for each of its 144 units. A 296-unit development in New Jersey is in the process of receiving a $592,000 tax... read more.

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