By exploring, securing, and implementing available credits and incentives, you can potentially: avoid paying unnecessary taxes, obtain immediate tax refunds, manage operational costs, improve earnings before interest and tax, net income, and shareholder value, and enhance the economic value of company initiatives. However, many different factors affect the specific types of credits and incentives that may be available to your company. Business Incentive Solutions can help you sort through the potential benefits along with the related requirements.
Recent tax laws are taxpayer-friendly and bring valuable benefits. In addition to federal tax credits, many states offer a state tax credit as well. Tax incentives are broader than many companies realize, applying not only to product development but also to other activities and operations such as new manufacturing processes, environmental improvements, software development, and quality enhancements.
Tax Incentives and Credits provide permanent benefits to drive down effective tax rates and generate cash flow and represent a dollar- for-dollar reduction of your income tax liability. You can claim the tax credit in addition to any tax deduction you take for expenses.
The credits have become more attractive for small companies in recent years because they’ve been simplified, can be transferred in an acquisition, and can be taken retroactively. Certain costs incurred in years when a company has no income can be carried forward to offset taxes on future profits.
BIS focuses on those tax credit programs that generate the most substantial local, state and federal benefits. Our professional team works directly with our consultants and clients to implement the most profitable credit and incentive transactions available. There are more than 7,000 federal, state and local credits and incentives! Smart accounting and CPA firms seek outside assistance to take advantage of these valuable business incentives.
Our financial tax team has vast experience in structuring these credits for our clients.