Most business owners within the State of Florida are required by the Department of Revenue to collect sales tax on each sale, admission, storage or rental transaction that occurs within the state. These same transactions made out of state are also subject to a use tax if they are brought into Florida within six (6) months of the purchase date, as are purchases made tax-exempt for the purpose of selling at retail that are ultimately used at the place of business.
Your company may be exempt from the sales and use tax if you are a certain type of company, or if your business uses purchased goods in certain ways. The sales and local tax (SALT) advisor at Brent Ross & Associates can help your company identify and claim exemptions that are being missed, and, as a result, realize significant tax savings.
Energy Efficiency Credits
In addition to the energy tax deductions discussed on the Section 179D pages there are energy efficiency tax credits enable businesses and individuals to receive the financial incentive for the purchase and use of products that facilitate energy conservation and reduce energy waste. The credits apply to a variety of products including, but not limited to, types of heating and cooling equipment; doors, windows, roofs and insulation. fuel-efficient vehicles and many types of appliances. Businesses that manufacture energy-efficiency products, including homebuilders, will receive very favorable treatment, and businesses and individuals may also qualify for utility rebates and energy credits at the state and local level.
Research & Development Credits
In the Research & Development area, recent changes to IRS regulations have made qualifying for an R&D tax credit easier for many businesses. The new changes not only broaden the traditional definition of "R&D”, but allow for greater flexibility in research and development record-keeping, and can be applied retroactively to prior tax years for some qualifying businesses.
R&D credits can now be claimed in business areas such as engineering, quality assurance, sales, marketing, purchasing and information technology (IT). Improving existing processes, developing computer prototypes or models and sourcing new materials are just a few examples of the R&D processes that now qualify for credits. And because these credits can be claimed in prior tax years, your company may have a federal or state refund due right now.
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Real estate investors have reason to celebrate in the upcoming tax season: The Tax Cuts and Jobs Act significantly expanded the first-year tax breaks for bonus depreciation and Section 179 deductions. But Congress may need to fix one intended change before it can benefit investors. And there are some pitfalls to consider before taking advantage of first-year depreciation breaks for real estate.
Historically, companies that wanted their employees to be protected with health coverage, but didn't want the hassle of having a company health plan, could simply give employees an amount of money sufficient to reimburse them for the cost of buying that coverage or some portion of it. As long as the individuals provided evidence that they used those funds for that purpose, the dollars were excludable from taxable income for the employees.