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Category Archives: Small business Tax

Modifications to 163(j) Limitation – Robert Bell, CPA, Auditor

Starting in 2018, businesses became subject to an annual business interest expense deduction limitation under code 163(j). This limitation is based on a percentage of adjusted taxable income (ATI). The ATI calculation begins with federal taxable income and has myriad additions and subtractions; two of the core addbacks to this ATI calculation historically have included...

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Nebraska Higher Blend Tax Credit –

The Nebraska Higher Blend Tax Credit Act Application, Form HBTC-A, will be accepted beginning August 1, 2022. Nebraska retail dealers who sold and dispensed E-15 or higher ethanol blends of gasoline at their retail sites during the 2021 calendar year are eligible to receive refundable tax credits. Funds are limited. Complete applications, therefore, will be...

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Nebraska Tax Cuts – Robert Bell, CPA, Auditor

Wednesday, Governor Pete Ricketts signed LB-873 which provides relief from income and property tax. The new law lowers income tax for individuals by 1%, setting the rate at 5.84% by 2027. Further, this legislation will lower tax rates for businesses from 7.5% to 5.84% over the same time period. LB-873 also makes Social Security income...

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