You can take a tax credit equal to 30% of qualified expenses. The maximum credit each year for qualified energy efficiency improvements, residential energy property expenses and home energy audits is $1,200. In addition, a $2,000 maximum credit per year can be claimed for qualified heat pumps and biomass stoves or boilers. Improvements must be …
Currently businesses are allowed to subtract from their Federal Adjusted Gross Income a percentage of their business income when determining their Missouri Adjusted Gross Income for Missouri individual income tax purposes. The business income subject to this subtraction is income reported as total combined profit on the IRS Schedule C, Partnership and S Corporations income …
GREAT NEWS – Business Income Deduction Expanded to Include Farm Income (HB 202 & SB 138) Read More »
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers until December 31, 2025 for hiring and employing individuals from certain targeted groups who have faced significant barriers to employment. Targeted groups under section 51 of the Code: In general, the WOTC is equal to 40% of up to $6,000 of wages paid …
The Internal Revenue Service recently posted a new release which reminded eligible farmers and ranchers forced to sell livestock due to drought may have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales. The IRS posted Notice 2023-67 listing the applicable areas, a …
IRS Extends Drought Relief to Farmers and Ranchers in 49 States, 2 Territories Read More »