Tax Time – What Every Manufacturer Needs to Know
Watch this webinar recording where we discuss these tax breaks and more:
- Deductions for R&E expenditures: The TCJA changes the tax treatment of R&E expenditures from immediate deduction to amortization over five or 15 years, depending on where the research is conducted.
- Research credit: Manufacturers can claim the research credit under IRC Sec. 41, which can help improve cash flow and increase runway.
- NYS tax credits & incentives manufacturers: The NYS tax credits and incentives you should be aware of including the Investment Tax Credit, the Employment Incentive Credit, and the Excelsior Jobs Program.
- Other Tax Planning Opportunities: Accounting method changes, depreciation, and the Inflation Reduction Act, plus more
Additional Resources:
- 2023 Year-End Tax Planning Guide: Business Incentives & Tax Credits
- Maximizing Tax Benefits: Utilizing the Work Opportunity Tax Credits in Manufacturing
- Maximizing Tax Advantages: Research Credit and Payroll Taxes
- Strategies for Tax-Efficient Cash Withdrawals from Your Corporation
- Create an Asset Purchase Strategy with Depreciated Tax Breaks
- Exploring the Optimal Accounting Method for Business Taxation
Presenter: Kristin Re’, CPA, Lumsden McCormick CPA
Held in cooperation with the Buffalo Niagara Manufacturing Association.