If you are ready to take your business to the next level, you can take advantage of the Section 179 tax credit that allows you to make energy-efficient changes to your business and receive a tax credit for it. There are a few basic requirements you must meet to obtain the credit, including a reduction in your energy costs covering up to three categories. In order to determine if you qualify, you will need an energy analysis and field inspection by a qualified engineer.
Your CPA and the Deductions
Don’t assume your CPA knows about the 179 credit and will give it to you. CPAs are not qualified to perform the reporting requirements that are necessary to qualify for the deduction. Because of this fact, many building owners who are eligible for the deduction are unaware of it, leaving money on the table. In order to ensure you are receiving the appropriate deductions, it is worth it to find a company that performs the necessary analyses and other requirements to get you qualified.
More than for New Buildings
Many CPAs mistakenly think if their customers do not take advantage of the Section 179 tax credit when they construct their building, they are not eligible for it. A firm that offers energy analyses and field inspections will be able to inform you of your eligibility after a complete consultation and inspection of your property. In addition, a qualified firm will likely be willing to work with qualified CPAs to help them understand the deduction and give you the money you are entitled to.
One of the most important aspects of qualifying for the deduction is providing the proper reports and performing the right onsite inspections. These reports are necessary for your CPA to effectively file for the deduction. When you use a company that specializes in the deduction and keeps up with the changes in the law, you can omit the possibility of errors or mistakes, putting your credit at risk.
If you are thinking about making energy-efficient changes to your business, it is well worth the time and effort to find a company that can provide you with the necessary energy analysis and reporting to help your CPA file for the Section 179 tax credit for you. Without the help of a licensed company, you might find yourself ineligible for a credit you otherwise would have been able to use.
For more information about the Section 179 tax credit, visit the website of Walker Reid Strategies.
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