PASCO, Wash. — Little did Mike Miller know that when the American Jobs Creation Act of 2004 was enacted, a little windfall would be heading his way.
Miller is vice president of Moon Security Services Inc. of Pasco, Wash. His accountant approached him recently with the good news. “I couldn’t believe he was telling me we received a $3,300 tax credit for the 2005 taxes,” Miller says.
The legislation changed Section 199 of the tax code and allows some companies to take a deduction of up to 3 percent of taxable proceeds. By 2010, the deduction increases to 10 percent. As treasurer of the National Burglar Fire Alarm Association (NBFAA), Miller is on a crusade to inform alarm dealers to have their accountants determine if they, too, qualify for the tax break.
“Here is the power of networking through your membership with NBFAA,” he says. “Here is a way to save some money. All of our members should be looking into this.”
