Tax Credits
If you own — or are considering buying — a historic building, the Historic Rehabilitation Tax Credit can dramatically improve your project’s return on investment.
Unlike deductions, tax credits reduce your tax bill dollar-for-dollar. A $100,000 qualified renovation with a 20% federal credit can reduce your federal tax liability by $20,000.
If your business conducts research or product development, a significant tax law change could unlock tax savings. The 2025 tax legislation, commonly known as the One Big Beautiful Bill Act (OBBBA), reinstated the ability to immediately deduct domestic research and experimental (R&E) expenses.
The Retirement Savings Contributions Credit, commonly called the Saver’s Credit, is a federal tax credit designed to encourage low- and moderate-income workers to save for retirement. It provides a dollar-for-dollar reduction of the tax owed, supplementing other tax benefits available for retirement contributions. In recent years, millions of taxpayers have benefited, with the credit averaging several hundred dollars per eligible return.
Your business can attract and retain employees by providing education benefits that enable team members to improve their skills and gain additional knowledge, all on a tax-advantaged basis. Here’s a closer look at some education benefits options.
Employers who hire new workers may qualify for a tax benefit, but they shouldn’t wait too long. The Work Opportunity Tax Credit (WOTC) is a valuable federal tax credit that incentivizes employers to hire from certain targeted groups that face employment barriers.
If you’re a small business owner or you’re self-employed, there’s good news on the tax front. The Section 199A qualified business income (QBI) deduction, a powerful tax-saving opportunity since 2018, was initially set to expire in 2025. But thanks to the recent enactment of the One Big Beautiful Bill Act (OBBBA), it’s not only here to stay, it’s also improved.
If you’ve been pondering the purchase of a new or used electric vehicle for yourself or your business, you may want to buy sooner rather than later to take advantage of available tax credits. Under the One Big Beautiful Bill Act (OBBBA), these credits won’t be available for purchases made after September.
If your business occupies a large space and you’re planning to relocate, expand or renovate in the future, consider the potential benefits of the rehabilitation tax credit. This could be particularly valuable if you’re interested in historic properties.
Many taxpayers are unclear on the difference between deductions and credits. Both can be powerful tax-saving tools. Here’s how they each work:
According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0% to 4.3% from May to November of 2024.
