How Do I Calculate Nebraska Enhanced Section 179 Expense Addback?

For bonus depreciation added-back in tax years 2000 through 2002, twenty percent (20%) of the total amount may be subtracted in the first taxable year beginning or deemed to begin on or after January 1, 2005, and twenty percent in each of the four following taxable years. For bonus depreciation and enhanced section 179 expense deduction add-back in tax years 2003 through 2005, twenty percent [...]

What is the Nebraska Previous Bonus Depreciation Add Back Deduction Rate?

For bonus depreciation added-back in tax years 2000 through 2002, twenty percent (20%) of the total amount may be subtracted in the first taxable year beginning or deemed to begin on or after January 1, 2005, and twenty percent in each of the four following taxable years. For bonus depreciation and enhanced section 179 expense deduction add-back in tax years 2003 through 2005, twenty percent [...]

What Form Will I Get For A Nebraska Beginning Farmer Credit?

Beginning Farmer Exemption for Personal Property The Beginning Farmer Tax Credit Act provides an exemption of personal property tax for tangible personal property that is used in a qualifying beginning farmer’s or livestock producer’s operation. The personal property exemption is limited to a three-year period for up to $100,000 each year. An Exemption Application for Qualified [...]

Nebraska Form 3800N Credit

Purpose. The purposes of the Nebraska Incentives Credit Computation, Form 3800N, are to: • Identify the incentive program for which each tax credit is claimed; • Identify the amount of tax credits used from each program; • Identify the specific project from which the tax credits were received; and • Distinguish between refundable and nonrefundable incentive tax [...]

How is Nebraska Underpayment Penalty Determined?

Estimated Income Tax Payments and Penalty for Underpayment of Estimated Income Tax. You may owe a penalty if your estimated income tax payments did not total at least: 90% of the tax shown on your 2021 Nebraska return; or 100% of the tax shown on your 2020 return; or 110% of the tax shown on your 2020 return if AGI on the return was more than $150,000; or, if your filing status is [...]