Tax Credits & Incentives

Tax credits and incentives = more money in your pocket

Ever-changing opportunities are waiting

Opportunities may be knocking.

Your business may be missing out on opportunities to reduce costs or generate refunds through tax credits and incentives. Often times these credits and incentives become available due to business expansion or relocation, construction of a new facility, or with the export of products or services. Boyum Barenscheer’s tax incentives team is skilled in helping our clients uncover these non-traditional programs and put money back in their pockets.

Our services include

  • Research and development credits
  • Work opportunity tax credits
  • Energy efficient tax incentives (Section 179D Deduction/Energy Credits)
  • Domestic production deduction
  • Cost segregation study
  • State and local incentives
  • Foreign tax credits

Other services used by our tax clients


Can I reduce the cost of my business expansion or build out through tax saving strategies?

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.

My taxes are way too high – what can we do to make them more affordable?

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.

We are always looking for ways to improve our products and this is very expensive; can we lower the cost somehow?

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.

We plan to relocate our business; can we get any local incentives to move to a particular town?

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.

Contact Tom for more info

Tom Hofstad, CPA

Tom Hofstad has been with Boyum & Barenscheer for over 25 years. His entire professional career has been spent serving clients in the tax arena, now working with many of the firm’s larger clients. He enjoys the one-on-one relationships he has formed with so many of his clients. Being able to help with the individual and business issues that concern them is his specialized calling…