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HIRING TAX CREDITS/PAYROLL TAX CREDITS

WOTC is a great program for almost every employer. WOTC stands for the Work Opportunity Tax Credit and is not one but several tax credits given to employers at a Federal level for hiring qualified employees. Annually employers claim over $1 billion in tax credits under this program. There is no limit on the number of individuals an employer can hire to qualify to claim the tax credit. 

WOTC allows employers to claim a credit against their federal income tax liabilities for qualified employees. WOTC can also be used to offset AMT (Alternative Minimum Tax). Employers generally can earn a tax credit equal to 25% or 40% of a new employee’s first-year wages, up to the maximum for the target group to which the employee belongs. Employers will earn 25% if the employee works at least 120 hours and 40% if the employee works at least 400 hours.

The average benefit per employee is $2,400.00 and can be as much as $9600! 

That means potentially 10 qualified employees could yield a federal income tax credit between $24K – $96K. Additionally, WOTC credits may be carried back one year and carried forward 20 years.

Simply put, the WOTC reduces an employer’s cost of doing business and turns Human Resources into a profit center. We manage the program for you.

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The COMMERCIAL PROPERTY TAX  benefit is a Federal program designed for business owners who own commercial properties, or have performed significant lease hold improvements. This program traces it’s roots as far back as the Tax Reform of 1986, but went through significant changes in 2004 making it more accessible for small and midsize property owners to take advantage of. The most recent changes appeared as late as February 2009 in the American Recovery and Reinvestment Act. This is an engineered based program that focuses on the components of the building. All work is performed offsite and has no impact on normal operations. 

The good news is 90% of all commercial properties qualify for this program! 

Commercial Property Benefit provides an opportunity to significantly reduce federal taxes and improve case flow. Our "Average" credit recovered is $189,000. 

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PROPERTY TAX MITIGATION 

Outside of income taxes, the single largest recurring charge for commercial property owners are Property Taxes. In most states, owners are required to pay taxes on both their real estate as well as their personal property. These charges are often an immense expense and a constant hit to their bottom line. To be ensured clients are not being overcharged on Property Taxes, we use an industry specialists with extensive market experience in valuation, tax and law to perform their Property Tax Mitigation. Our experienced team of professionals in mitigation, valuation, assessments, and law will work on your case to identify any potential opportunity for refunds and/or reductions in your current property taxes. We perform all the work on your behalf until savings are captured, including partaking in hearings and filing necessary paperwork. We act as an extension of your company toward the governing property tax bodies.

The immediate benefit is the reduction of taxes owed and the potential of refunds on prior taxes paid. The future benefits would similarly be a reduced tax burden going forward, producing an increased cash flow for the business.

A property tax review can result in savings up to 10-25% or more of the total real and personal property taxes paid.

Qualifying commercial property: 

$50,000 or more more in real and personal property taxes annually. 

We can and do successfully get you refunds from your local municipality! 

 

R&D TAX CREDITS/Manufacturing Incentives

We utilize a team of highly qualified professionals including IP attorneys with engineering backgrounds and adhere to the Comprehensive Project by Project Approach methodology as required by the IRS. By following this methodology, we we qualify every applicable employee, activity, hour spent and corresponding wage paid in order to maximize the incentive for our client. We strictly adhere to the applicable sections of the code and provide first-in-class documentation to substantiate our findings. 

Businesses that qualify as research and development (R&D) is much broader than most realize. Activities and costs related with developing or improving a product and/or process often qualify for R&D tax credits. Furthermore, engineering, design, testing, and programming are now included as Qualified Research Activities (QRE). R&D Industries:

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The benefits of having an R&D Tax Credit Study performed would be:

 

• • Dollar for dollar credit against taxes owed or previously paid

  • Carry forward credit for future profitable years

  • Immediate increase in company cash flow

  • Credit average is over $25,000 per $1,000,000 in total company payroll

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FOR YOUR NO OBLIGATION 7 MINUTE ASSESSMENT CALL

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