Could you be leaving money with the Federal, State, and/or Local government? The answer is probably “YES”. Many businesses are eligible for tax credits and incentives for various reasons, including: 1) the way they do business, 2) their location, 3) their employees, or 4) the growth of the business. The credits may be as small as $250 for the insurance costs they incur for their employees or as large as thousands of dollars that could cover 100% of their tax liability, including their withholding tax for Georgia if they have no income tax. Don’t leave that money on the table! Review the information below to see a partial list of the ways SME CPA can help you keep your money and improve your business’s cash flow.
Incentives such as tax credits and property tax abatements are tools used by Federal, state and local governments to attract or retain jobs and investments, stimulate innovation, and conserve energy. While deductions reduce your amount of taxable income, credits cut your actual tax bill, dollar-for-dollar. Tax credits are an excellent way to minimize your tax liability and increase your cash flow. In other words, a $1,000 tax credit reduces your tax liability by $1,000. A tax deduction of $1,000 will reduce your tax liability by your tax rate or $350 at a 35% tax rate. Some tax credits may be refundable or offset withholding taxes if your tax liability is zero.
There are hundreds of different tax credits and incentives at the Federal, state and local levels. The lists provided are only a representation of the credits available — not a complete list. There are also local incentives available such as property tax exemptions and abatements, sales tax exemptions, and training programs, to name a few.
Our job is to help you take advantage of these credits and incentives and increase your cash flow. Please call, email, or stop by our office and we will schedule a meeting to discuss tax credit and incentive opportunities available for your business.
Have a question or want to discuss your specific need? Contact Us or submit your inquiry using the form below.