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Small Business Tax Q&A: June ’16

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in Small Business Tax,Small Business Tax Deduction Strategies

Generate energy credits in your state

Q. In the last issue (SBTS May 2016), you explained rules for federal residential energy credits. Can you get this on a state level too? Anonymous

A. Possibly. Check your state laws to see if you’re eligible for any tax benefits on a state income tax return for installing energy-saving improvements. For instance, government agencies, utilities and other entities offer a wide variety of tax credits, rebates and other incentives to support energy efficiency, encourage the use of renewable energy sources and bolster efforts to conserve energy and lessen pollution. The U.S. Department of Energy provides one-stop shopping at www.energy.gov/savings.

Tip: Simply select your state to find savings that may be available to you or your business.

IRS lists deductible medical expenses

Q. Can you deduct wigs as a medical expense after chemotherapy? A.J.P., Spokane, Wash.

A. Yes. The IRS specifically s...(register to read more)

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