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Tax Credits and Deductions for Business Owners

There are many General Business Credits in the US Tax Code. Only a few have broad application.

  • Rehabilitation Credit
  • Energy Credit
  • Qualifying Advanced Coal and Gasification Project Credit
  • Work Opportunity Credit
  • Research Credit
  • Low-income housing credit
  • Enhanced oil recovery credit
  • Disabled access credit
  • Renewable Electricity Production Credit
  • FICA tip credit
  • Orphan Drug Credit
  • Pre-2020 New Markets Credit
  • Small Employer Pension Plan Startup Credit
  • Employer-provided Child Care Credit
  • Low Sulfur Diesel Fuel Production Credit
  • Marginal Oil and Gas Well Production Credit
  • Distilled Spirits Credit
  • Advanced Nuclear Power Facility Production Credit
  • Alternative Motor Vehicle Credit
  • Alternative Fuel Vehicle Refueling Property Credit
  • Differential Wage Payment Credit
  • Carbon Dioxide Sequestration Credit
  • New Qualified Plug-in Electric Drive Motor Vehicles Credit
  • Small Employer Health Insurance Credit

Adjustments to income are of high value to more taxpayers.

  • Educator expenses
  • Certain business expenses of reservists, performing artists, and fee-basis government officials
  • Health savings account deduction
  • Moving expenses
  • Deductible part of self-employment tax
  • Self-employed SEP, SIMPLE, and qualified plans
  • Self-employed health insurance deduction
  • Penalty on early withdrawal of savings
  • Alimony paid
  • IRA deduction
  • Student loan interest deduction
  • Tuition and fees
  • Domestic production activities deduction

Business owners have legitimate interest on those shown in bold italics above. Common questions asked by business owners relate to:

  • Business use of home
    • Actual expense vs safe harbor
  • Meals & entertainment
    • 50% vs 100% deductible
  • Travel expense
    • Business vs personal
  • Automobile expense
    • Purchase vs lease
    • Depreciation and Sec 179 limitations
    • Actual expense vs mileage allowance ($0.535 per mile)

After a brief discussion of the Tax Reform Proposal from the US House of Representatives, attendees asked questions about their specific circumstances and received specific advice and recommendations.

Thank you for putting your trust with us. We are your Accounting and Tax Strategy Advocates!

Watch for more to come.

Russ Anderson | 11/10/2017