More than half of eligible tax credits go unclaimed during any given year…how much money are you leaving on the table? Identifying, qualifying for and claiming these benefits can be time-consuming and complicated, which means many businesses miss out.
By incorporating tax credit services into your business strategy, you can dramatically alter the financial equation -- creating lucrative opportunities that help you stay ahead of the competition.
Are you new to tax credits? Check out our comprehensive tax credits guide to get started.
Our tax credit service providers have the knowledge and expertise to guide you through the specific opportunities available to your company. We provide support throughout the process, including:
Whether you require coaching to supplement your in-house support, need assistance from start to finish or are somewhere in between, we have the resources to make sure you’re covered.
Your tax credit needs are unique, requiring an understanding of not only how you do business now, but where you are looking to grow in the future. Our team will work with you to break down the opportunities available, and the first step is yours to take.
Step #1: Are you aware of your cost-saving opportunities?
The first question you need to ask yourself is: Are you paying federal or state income taxes? If so, there are several ways to reduce those taxes -- or even eliminate them -- by utilizing credits and incentives.
Whether looking forward or reflecting back, we know which credits can be claimed retroactively and which costs can be carried forward to offset tax on forthcoming profits.
Step #2: Schedule a discovery call with your Armanino service provider.
To find out more about the credits that are available to you, give us a call or fill out the form below. This initial discovery conversation gives our experts the information they need to better assess your business needs – facts like your location, how many people you employ, what your plans are for the next 3-5 years, etc. If you have the right people on the call with the right information (e.g., human resources with hiring plans, real estate expansion plans, etc.), this is a quick conversation. We have the tools and resources to streamline the discovery process, making it efficient for all involved.
Step #3: Uncover the tax incentives available to you – past, present and future.
The next step is based on the information gathered in the discovery phase and can differ based on type of credit or incentive.
Geographic credits take time to nail down, especially if your plans are not yet solidified, with some requiring pre-certification or notice of intent. It is important to contact our experts early in the process, so they can help guide you through your next steps.
For credits based on minimum requirements, our team will work with you to determine your potential credit and assist with a letter of intent as needed. Once requirements are met, credit certifications will be issued at your state’s discretion.
Incentives tend to take longer due to the negotiation or bargaining window, and many need to be pursued early in your planning process. Our team has strong relationships at state agencies and an in-depth knowledge of who to call and where to go next to help with the negotiations process and keep things moving forward.
While some credits and incentives need to be promptly set into motion (e.g., the Work Opportunity Tax Credit (WOTC) needs to be applied for within 28 days of hire), you do have the ability to amend returns based on the statute of limitations within each individual state. Transparency with your tax credit consultants will reveal all the ways you can save, even retroactively!
Step #4: Keep your Armanino service provider aware of changes in your company.
Stay in touch with your tax credits services provider year-round, keeping them up to date on your plans for growth and expansion. Since there are no deadlines on the calendar (other than your regular tax returns), the only opportunities you’ll miss out on are those you don’t pursue.
The tax credits offered by the federal government, states, counties, and municipalities can add up to significant money-saving incentives for your company, but only if you know where to look. Selecting the right tax credit services provider is key to ensuring you remain compliant while taking advantage of these benefits.
To guarantee you have found the best provider for your needs, consider these four key factors:
Bottom line, Armanino has the industry expertise, tax credit experience and track record of customer satisfaction to best advise your tax credit incentive strategy and compliance needs.
Contact us today for a free assessment.
