I often do public speaking, mostly for networking groups and business owners. One question I ask in my presentation: Are you aware of the tax mitigation and federal tax incentives available to you as a business owner? They look at me funny and say what is that. Of course there are those business owners who already know about them but don’t know how to take advantage of them.
So what are the various ways that business owners companies’ can receive money? I am sure there are ways that I am not mentioning but these are the most lucrative for business owners that own property.
- Property Tax Mitigation – with the proper paperwork and guidance it is always good to have someone audit your property to see if you are paying a fair amount in property taxes if you are underpaying so be it but if you are over paying then you should have an expert take a look at having them lowered for you.
- R & D Tax Credit – for businesses that have undergone upgrades to equipment or physical plant there are federal tax incentives that will allow the business owner to take credits.
- Workers Comp Insurance Audits – If your business has a naturally high rate of turnover you might want to have a professional take a look at your bills for the last few years to make sure that you are getting the correct bills and paying a fair premium
- Credit Card Processing Fee Audits – If your business takes credit cards at a sales volume of over about $200,000 per year you should have those bills audited.
- Cost Segregation – If you own equipment and are depreciating them you must look at some newer laws that allow accelerated depreciation on your building and other often overlooked items. This can be a great source of cash flow for businesses. This is a highly specialized task and only a firm that specializes in this can help you and your accountant arrive at the correct amounts.
There are many other credits and tax credits that a business should be aware. Get a professional to look over things for you to make sure that your business is getting the proper credits it deserves. If you know of a firm that can do this for you that is great if not check out this link. Learn more