BY ANNA PETROSSIAN
By exploring, securing, and implementing available credits and incentives, you can potentially: avoid paying unnecessary taxes, obtain immediate tax refunds, manage operational costs, improve earnings and much more. You can improve net income, and shareholder value, and enhance the economic value of your company.
However, many different factors affect the specific types of credits and incentives that may be available to your company. Recent tax laws are taxpayer-friendly and bring valuable benefits.
In addition to Federal tax credits, many States offer a State Tax Credit as well. Tax incentives are broader than many companies realize, applying not only to product development but also to other activities and operations such as new manufacturing processes, environmental improvements, software development, and quality enhancements.
Why are only the Large Businesses taking advantage of these Mandated Rebates?
Did you know that big companies like Amazon, FedEx and Google pay little to no tax AND get millions of dollars in Credits, Rebates, and Incentives? How are they doing it and more importantly why are you missing out?
Tax Incentives and Credits provide permanent benefits to drive down effective tax rates and generate cash flow and represent a dollar-for-dollar reduction of your income tax liability. You can claim the Tax Credit in addition to any tax deduction you take for expenses. That is why large companies are taking the Credits AND claiming the Rebates.
The Credits have become more attractive for small companies in recent years because they have been simplified but, did they tell you that? The biggest four Accounting Firms do this work for their Fortune 500 clients every year. And did you know that if they miss one year, they can go back retroactively and collect for past years. Certain costs incurred in years when a Company has no income can be carried forward to offset taxes on future profits.
The big four Accounting Firms and other specialized Consulting Firms focus on the Tax Credit programs that generate the most substantial Local, State and Federal benefits for their clients. In fact, there are more than 7,000 Federal, State and Local Credits and Incentives!
Many business owners have asked their local CPA to help them get some of these Rebates and Incentives, but it is rare to find a Firm that is large enough to have a Rebate Department. Smart Accounting and CPA Firms seek outside assistance to take advantage of these valuable business Incentives, but they are the exception and not the rule. Remember that LARGE Companies request these Incentives yearly or semi-yearly and become more and more profitable because of it. Small Companies rarely ask if they qualify and do not have the tools to complete the paperwork. So, they leave profits on the table.
FACT: Only about 5% of American Businesses claim their Incentive Credits.
What if you could gain the knowledge of Wall Street and bring that information to your Company? What if you could level the playing field and give yourself the same economic advantages as those of the Fortune 500 Companies? What would you do with an extra $35,000 to $85,000 every year?
Cutting costs and increasing profits are critical to every business, especially during difficult economic times. However, even when times are good, your Company cannot afford to overlook opportunities to improve the bottom line with Incentives, Grants, and other economic development programs offered through Federal, State, and Local Programs.
There are many resources and agencies that can help you discover if your company will qualify for these programs or feel free to contact me for help: 800-582-1484.
Anna Petrossian is a successful businesswoman with over 31 years’ experience in the world of manufacturing/import/consultancy/marketing. She has focused on how to grow Companies and found creative solutions and resources others envied. Through her expertise and efforts, companies have grown into multi-million ventures and she is often asked to assist other business owners on topics of where to get growth capital, reduce costs and improve profits. A valued resource to the business community, Anna prides herself first on helping others.