subject: Tax Credits For Businesses [print this page] Many businesses think they are doing a spectacular job getting all their tax credits for businesses when in reality they are leaving SIGNIFICANT money on the table each year. We are not talking about a few thousand dollars here. We are talking about tens of thousands per business and its not the CPAs fault. Here are some interesting statistics to think about:
1) Only 1 in 800 businesses are getting all of the tax credits they are entitled to.
2) BILLIONS of dollars go unclaimed each year in federal, state and local tax credits!
I am sure you are asking yourself if you are one of the 799 that are missing out. Chances are high that you are. These missed tax credits for businesses come down to 3 main areas, however, the main area that almost everyone qualifies for and misses is employee tax credits. Now this can get a little tricky. There are 12 categories of employee tax credits for businesses. They vary by zone to zone and by the individual employee. It matters who they are, where they live, where the job site is, details about their family and all sort of variables! Did I mention the 28 day deadlines for some of these tax credits for businesses?
When you get 50-500+ W-2s coming through the door a year it becomes a big headache for everyone. Multiple locations in different states with different tax credits for businesses you say? Its simply not cost effective to pay the CPA to do it as its too cumbersome and time intensive. You cannot do it in-house effectively since youre not operationally equipped to do so nor would you take that kind of risk. What if its not done right and youre audited more frequently?
At the end of the day these tax credits for businesses are yours for the taking, however, they have made it cost prohibitive and almost impossible for you to process them. The solution is to use a tax credit processing company. One example is Taxcreditprocessingcenter.com who does this work for you on a contingency basis! They also allow you to pre-screen your potential employees for tax credits. If you have 2 or 4 candidates with the same skill set why not hire the one that will give you a $2400-$9,000 tax credit for your business. Its a no brainer for business owners. Check it out and make sure you are getting all of your tax credits for businesses you own and manage.
by: Tyson Flanagan
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