NJ CPA Firm Magone & Company Advocates Green Building Tax Deductions

March 8, 2012 - PRLog -- Too many businesses are missing out on potential tax savings from federal energy efficiency deductions, according to NJ CPA firm Magone & Company. It’s important to be aware of these savings opportunities when preparing 2011 business tax returns and engaging in business tax planning, says Managing Partner Nick Magone, CPA.

“It’s surprising to see how few companies are aware of potential savings under the federal Energy Policy Act, which can benefit building owners, tenants and contractors who have made improvements in energy-efficient lighting, heating, ventilation and air conditioning and building envelope components such as roofing, insulation and windows,” Magone explains. “Green building tax deductions, known as 179D energy incentives, can represent a significant opportunity for many companies.”

Projects eligible for the 179D incentives include new construction, renovations and retrofits made after December 31, 2005; the program runs through 2013.

So, are companies that did not take the deduction in prior years out of luck? Absolutely not, says Magone. “Past returns can be amended to claim these credits, so be sure to call our office for more information.”

The NJ accountants at Magone & Company offer a variety of specialty tax services, ranging from 179D energy tax incentives to research tax incentives, cost segregation analyses and construction tax planning, to maximize clients’ tax savings. Many industries can benefit from these services, including architects and engineers, construction and HVAC contractors, manufacturing firms, pharmaceuticals, hotels, real estate, and telecommunications providers.

For more information on these and other services offered by Magone & Company, visit http://www.magonecpas.com/ or call call (973) 301-2300.

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About Magone & Company
Headquartered in Florham Park, the NJ CPAs at Magone & Company, P.C. bring a unique 360° perspective to the practice of accounting and business consulting. The firm supports leading entrepreneurial companies, non-profit organizations, professional services firms, hedge funds and the real estate industry with a complete range of accounting, audit & attestation, tax, wealth management, and business consulting services. For more information, call (973) 301-2300 or visit MagoneCPAs.com