Commercial Property Owners! Did you know you could be eligible for significant tax savings? Programs like Cost Segregation can help reduce your tax burden by accelerating depreciation on your property, freeing up cash flow to invest back into your business?? Let's chat about how much you could save and put toward growing your business.
Has anyone ever told you your business probably qualifies for the R&D tax credit? R&D tax credits are not just for nerds anymore - they're for regular business owners who are solving problems and making improvements.
Since 2015, this credit has been opened up for businesses like yours. If you've improved a process, created a new product, or tweaked your services - you might be eligible for serious cash.
Do you do any of the below? If so let's talk:
• Improving your products or services (even small tweaks)
• Creating new processes to save time or money
• Developing new products (even if they failed)
• Testing new materials or methods
• Upgrading your technology or software
• Streamlining operations
Businesses can claim up to $26,000 per eligible employee with the Employee Retention Tax Credit. Even if you took a Paycheck Protection Plan (PPP) loan, you are still eligible. Most businesses have an ERC credit going unclaimed.
The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who hire and employ individuals from specific target groups. An employer will average a benefit of $2,400 per eligible employee
There are also numerous State Credits we can work with your team to review!
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Big changes are coming in the next tax year. But there's still time to plan. Reach out to us to discuss business and individual tax planning strategies!