Advanta Tax Advisors offers a wide range of services to businesses to help maximize deductions and potentially lower their state and Federal tax liability.
Taxpayers who produce goods, develop software, or design or construct property within the U.S. may be eligible for the Section 199 Domestic Production Activities Deduction (“DPAD”) for years in which they had taxable income. The DPAD may reduce your taxable income by up to 9 percent.
DPAD’s complex rules offer planning opportunities. For example, taxpayers utilizing the Section 861 method..
Many businesses are unaware that they qualify for federal and state R&D credits, as well as additional deductions. Recent legislation has expanded the federal R&D tax credit to allow more businesses to monetize the credits even if not in a taxable position. Advanta’s technical experts work with your engineers and developers but strive to minimize their time so they can concentrate on your projects.
An analysis of your meals and entertainment (M&E) expenses can help ensure you are making the most of your business expense deductions. A company’s M&E expenses are generally limited to a 50 percent deduction, however, there are exceptions that allow a deduction of 100 percent. An evaluation of M&E expenses may reduce your taxable income.
Advanta’s Tangible Asset and Repair Analysis (TARA) offering is our response to the new set of tangible property rules that are now in effect for tax years beginning 2014. Our TARA service is customized to meet a taxpayer’s unique needs. Our team consists of leading accounting methods and cost segregation professionals with deep technical expertise and practical client service experience.
Cost segregation reclassifies tangible assets from long-life real property to appropriate personal property and site improvements. Properly classifying these assets will optimize tax depreciation deductions which results in substantial cash flow benefits. If you have acquired business property through purchase, new construction, renovation, or leasehold improvements, you may benefit from cost segregation.
The Energy Efficient Commercial Building Deduction, commonly known as Section 179D deduction, is a provision that encourages building owners to increase energy efficiency in new and remodeled buildings by providing an immediate tax deduction for costs incurred which increase the energy efficiency of a building.