Tax Warrior Chronicles

Rehab Your Tax Return: 10-20% Tax Credit for “Old” Building Renovations

Posted on Tue, Apr 04, 2017

By: Sean P. Kelly and Chris Catarino, CPA


If you are renovating an older property or looking for a tax-efficient real estate development project, the Rehabilitation Tax Credit may be a lucrative opportunity. Qualifying rehabilitation projects receive a credit for 20% of rehabilitation costs for certified historical structures or 10% of rehabilitation costs for buildings placed in service before 1936.This dollar-for-dollar tax credit can reduce out-of-pocket renovation costs and significantly improve return on investment. Questions abound, and The Tax Warriors® have the answers.

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Small Business Tax Credit for Starting a Pension Plan

Posted on Mon, Sep 15, 2014

Attracting and keeping good employees is key to a successful business. If you never had a pension plan, or haven’t had one in the past three years, now may be the time to consider one.  You can receive tax credits of up to $500 for the next three years if you start a pension, profit sharing or an annuity plan, among some of your options.

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IRS Tax Credit Helps Pay for R&D

Posted on Mon, Jul 28, 2014

In today’s competitive business environment, organizations are constantly changing their products to meet their customers’ demands.  The process can be costly.  Developing software, training staff, refitting machinery, testing ideas and securing new supplies are all part of the process.

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PA Businesses Get Tax Breaks for Contributing to Scholarships

Posted on Mon, May 19, 2014

Funding for education is one of the key topics in Pennsylvania's hotly contested gubernatorial race. Ideas abound on how to fund the Commonwealth's schools without putting too much of the burden on taxpayers. There are, however, a few state programs already in place that provide tax incentives for contributions to public school scholarships. In this blog, The Tax Warriors® will discuss two such programs and how and when you can take advantage of them.

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Philadelphia’s City Council is Talking About Taxes…Again

Posted on Tue, Oct 01, 2013

Taxes are often the buzz here in the city of brotherly love. With the city strapped for cash and needing to fund its school system (the 6th largest in the U.S.) officials are contemplating a number of ways to raise revenue.  Hidden amongst these revenue raising conversations are some tax credits that could actually help certain businesses in the city. Though there is never a lack of ideas for municipal spending and ways to fund it, a few things we have been hearing stand out as topics our readers may be interested in.

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Online Tool Helps 1st-time Homebuyers Who Must Repay Tax Credit

Posted on Thu, Mar 14, 2013


Did you buy a home in 2008 and claim the First Time Homebuyer Credit? If so, listen up.  This blog may apply to you!

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Tax Breaks For Veterans And Their Employers

Posted on Mon, Nov 12, 2012


Only a week after the presidential election and shortly after the devastating effects of Hurricane Sandy, this year's Veterans Day provided all of us an opportunity to take a step back and honor those who risk their lives protecting ours around the globe.  America’s service members put themselves in harm’s way to protect our freedoms, safety and way of life, and we should all be thankful for them and their sacrifice.

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IRS Defers to Defense of Marriage Act for Same-Sex Couples

Posted on Thu, Oct 11, 2012


The IRS has issued guidance, in question-and-answer format, to clarify certain filing questions and ambiguities faced by same-sex couples in state-recognized marriages, civil unions, and domestic partnerships. Despite the facts that the Obama Administration has decided not to defend the Defense of Marriage Act (DOMA), and that a number of courts have struck down the key provision in DOMA that denies recognition of same-sex marriages for purposes of administering federal law, the IRS continues to maintain that legally married same-sex couples don't qualify for tax benefits otherwise available to heterosexual married taxpayers.

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