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Renovations Can Put Money In Your Pocket!

5/25/2021

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You likely did not have this top of mind.

Why are tax credits so intriguing? What’s the game changer? 

In contrast to deductions, tax credits reduce your tax bill by the dollar. You can reduce your tax bill by $20,000 if you donate $100,000 and obtain a 20 percent tax credit. This is Uncle Sam's pocket pocketing $20,000. There is more!

You can reduce your taxes through depreciation strategies for the remaining $80,000, and also qualify for a State rehabilitation Credit. 

The rehab credits help with allowing you to build generational wealth using State and Federal tax credits with your property.​

You want to  ensure you satisfy the  four requirements  for the historic rehabilitation credit.  We can help!


There is a 20% tax credit at the federal tax level, some states provide a 50% tax credit, which reduces your total costs by up to 70%. 

As you can see, the historic rehab credit is a lot to  consider. Please do not hesitate to  contact us  at 262-358-8297 if you want to discuss the historical Rehab credits.
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    Important Disclosures


    Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

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    To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
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    These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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    Author

    Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion.  Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

    Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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