Definitely! There are a number of avenues to explore, such as accelerated depreciation methods and Section 179 expensing, energy efficient tax credits, and cost segregation studies, all of which may yield tax savings to offset the cost of construction. Cost segregation studies can also be utilized to “look back” at prior construction and retroactively accelerate depreciation through a catch-up deduction claimed in the year of the study.

Let’s get together and talk about your business! By giving us a chance to get to know you, we can explore options and strategies tailored to your business to minimize your tax costs. Our experienced team of professionals are tax geeks at heart and will use their knowledge of incentives such as the Qualified Business Income Deduction (QBID), Research Credits, Energy Credits, Work Opportunity Credit, and much more to work on your behalf. We also recognize it is crucial to take the long-view by looking at long-term tax planning to properly approach the timing of income, deductions and credits in an ever-changing tax environment.

The Research & Development (R&D) credit may be just the thing you are looking for. This credit is often overlooked as many don’t realize the wide range of industries eligible to claim this credit. The IRS recently improved the R&D credit by allowing its utilization against the alternative minimum tax (AMT), greatly expanding the benefit our clients reap from this incentive. The R&D credit is a dollar for dollar reduction of your tax, savings of which can assist in offsetting the costs to improve and develop products.

State and local governments recognize the value of economic growth in their communities and are vying for businesses to come their way. Many offer incentives such as state credits, low-to-no interest financing, tax abatement, and grants to draw companies to start-up, relocate, or expand in their municipality. Our firm can come alongside you to not only identify local incentives in the metro and greater Minnesota areas, but out-of-state locales as well.