Tax Incentives for Business Owners
R&D Payroll Tax Credit
Research and Development Payroll Tax Credits for companies performing qualifying activities. The IRS definition of R&D is New or Improved product, process, technique, formula, software, invention; technological in nature; elimination of uncertainty and process of experimentation.
Generally speaking, every $500k of qualifying payroll produces $30,000 to $35,000 of tax credits. However, dependent on the availability of state credits, it could be higher.
Aerospace, Agriculture, Apparel & Textiles, Chemical, Civil Engineering, Construction, Electrical Engineering, Consumer Goods, Foundries, Furniture Manufacturing, Mechanical, Oil & Gas, Product Development, Semiconductor, Software and Telecommunications.
Benefits to Owners
Increase cash flow, dollar for dollar tax reduction (current year), tax refund on prior years with interest, and Carry Forward Unutilized credits for up to 20 years.
Hiring Tax Credit Incentives
This program falls under various Hiring Tax Incentives including the Worker’s Opportunity Tax Credit (WOTC). These are Federal tax credits available to all employers who hire and retain qualified individuals. Employers currently claim about $1 billion in credits each year under these programs. The average credit per qualified employee is $2,400 and can be as much as $9,600.
Most employers are familiar with the WOTC program and its benefits but have not taken advantage of it or the other Hiring Tax Incentives due to its historically difficult qualification process. The difficulties of this process have now been eliminated with the creation of the exclusive Client Portal and, as a result, employers are exceeding their present qualification by at least 2 to 3 times or more at a substantially reduced cost.
Your exclusive client portal provides you an easy way to pre-qualify / pre-screen all applicant candidates prior to hire while insuring all the paperwork is submitted to the State error free within the 28 days of the hire requirement. Consequently, you capture all the tax credits you are entitled to!
If you’re wondering “if” you qualify, the answer is for ANY business that hires 20 or more employees/replacements per year, it is definitely worth pursuing!.
Renewable Energy Tax Credits
Do you need expert project finance, transaction advisory, tax and accounting services related to the development and financing of renewable energy tax credit projects? If so, we have just the strategic partner to handle your need!