Tax Pros Find Host of New Credits, Deductions – Accounting Today

Thousands of tax credits, deductions and other incentives are hidden throughout the Tax Code. Some, such as the Blender’s Credit, are obscure, while others, such as the Earned Income Tax Credit or the various energy credits, are well known. Roger Russell interviewed various tax experts to break down various credits. Here’s what Brandon Edwards, president and CEO of The Tax Credit Company, had to say:
The Small Business Jobs Act enacted last September greatly increased the value of the R&D credit, according to Brandon Edwards, president of The Tax Credit Company, a tax incentive consultancy. “The act changes the operation of the research credit for eligible companies,” he said. “In the past, the credit did not offset the Alternative Minimum Tax, so the maximum amount of a credit a company could use was limited to the amount their regular tax was greater than their AMT. The Jobs Act makes the credits you generate in 2010 offset the AMT. It applies to all federal tax credits, so it includes the Empowerment Zones Credit and Work Opportunity Credit, as well.”
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