2020 Year-End Planning for Businesses – Expiring Provisions
By Douglas McAlpine, Esq., CPA
Taxpayers might consider taking advantage of the following tax benefits in 2020 before they expire. In some cases, these benefits were retroactively applied. In which case, it may be useful to amend prior year’s returns if the savings are significant enough.
- The Work Opportunity Credit: terminates for wages paid to workers that begin work for an employer after December 31, 2020.
- Energy Savings: A deduction is allowed for all or part of the cost of energy efficient commercial building property (i.e., certain major energy-savings improvements made to domestic commercial buildings) placed in service after December 31, 2017 and before January 1, 2020.
- Energy Efficiency: A three-year extension of the energy-efficient homes credit is available to eligible contractors for new homes manufactured after December 31, 2017 through December 31, 2020.
For more information regarding year-end tax planning, please contact us at 404-255-7400 or info@hoffmanestateaw.com.
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