Find opportunities as your business innovates, invests, and expands its impact.
CONTACT AN ADVISORAs your business grows, new tax saving opportunities become available in the form of incentives and tax credits – if you know how to find them. The best part is these will become obtainable during the natural course of operating and growing your business.
While your company ventures into new territories, launches innovative products and services, and employs new people, it is engaging in business activities that often match the criteria for local, state, and federal tax incentives and credits.
Knowing which tax incentives and credits are available can allow your business to reduce its tax liabilities and improve cash flow.
Whatever your company’s ongoing initiatives — whether investigating the unknown or going green — the tax team at Smith + Howard can guide you through the available opportunities for implementing tax strategies and lowering your tax burden.
Are you using the most tax-advantaged accounting methods for your business? The accounting methods that a business uses for management and financial reporting may not be the best methods from a tax standpoint. Fortunately, you can often make a change to a more beneficial method for tax purposes with proper planning.
A review of your current tax methods should be done whenever there are changes in the operations of your business or in the tax environment. We analyze the available options for your business and can help you make the most tax efficient decision possible.
Companies are challenged to effectively create jobs as well as retain and train employees. The Work Opportunity Tax Credit (WOTC) is an opportunity for federal tax savings for employing individuals from certain targeted groups. In addition to federal credits and incentives, many states offer generous programs to encourage job creation and workforce training.
It is important for accounting and tax teams to coordinate with human resource personnel to ensure proper tracking of information needed to take advantage of these credits and incentives.
For businesses looking for ways to save money while innovating, growing business and increasing the bottom line, R&D tax credits can be an important tool. Partnering with an experienced R&D team that understand the intricacies and rules behind R&D documentation and filing is critical.
The IRS’s definition of R&D is broader than many companies realize and encompasses a wide range of product and process related development activities. As a result, the credit opportunities available are generally more expansive than first thought. This widened view combined with the potential for the layering of R&D credits at the federal and state levels provide businesses spanning a myriad of industries with optimal returns on their developmental spend. This summer, the IRS eased rules around Amended Return R&D Credit Claims and our team proactively reviewed and communicated with businesses on this guidance.
Business leaders rely on the holistic view that Smith + Howard’s R&D specialists bring to the topic and realize maximized tax savings through close collaboration with our team throughout the course of an engagement. You can find more on our R&D services here.
Taking a strategic approach to your fixed asset requirements can result in current and future tax savings. When and how your business buys, uses, and sells equipment and other fixed assets will determine the tax treatment.
Depending upon your tax situation, you may opt to accelerate your expense by taking advantage of bonus depreciation or Section 179 expense to maximize tax benefits. To accelerate depreciation deductions when constructing or buying a building, a cost segregation study can be prepared. Alternatively, there are times when taking less depreciation expense may prove beneficial.
We have the expertise and the technology to determine the right depreciation choices for your business.
Not all credits and incentives are codified as part of the general federal and state tax laws. As your business grows, it may be able to take advantage of special financial incentive packages through state or local economic development agencies, but you have to know who to ask and what to ask for.
Incentives can include tax abatements, deferrals, grant money for identified investments, and more. Whether you are moving or looking to expand your business operations, we can help you determine if your business is a candidate for any incentives.
The items listed are just a few of the numerous tax credits and incentives your company may be able to utilize. Many businesses miss out simply because they don’t know what’s available.
At every juncture of your business growth, there are opportunities to save tax dollars. Partner with tax experts who will pay attention to current and future tax incentives and how they can be applied to your business situation.
The Smith + Howard tax team runs on a client-first approach and is passionate about partnering with you to achieve your business and tax goals.
“In recent years, Smith + Howard has been invaluable in keeping us abreast of changes to the tax code and wider environment. They’ve guided us through complex issues we had no knowledge of, and time and time again, it’s proved to be invaluable for us.”
Tom Nahigian, retired CFO of Abatement Technologies
“We use Smith + Howard for our audit, tax and special project work. Their advice and counsel is exceptional. Most recently, without Smith + Howard’s advice, we would have missed out on a $4M refund from a tax incentive program.”
David Seem, CFO, Miller-Zell
“Their mindset is different. They’re constantly looking to see what our objectives are and they’re giving us the best possible advice and keeping up with all the rules and regulations. It’s like having an expert looking over your shoulder with what you’re doing.”
Raj Anand, CEO, Southern States, LLC
Our services include:
As a high-net-worth individual, you need a partner working as hard to protect and grow your wealth as you did to accumulate it – a partner who is on the same page as you about how your life, family and goals evolve over time and commits to preserving what you’ve built.
Our roots going back over half a century were grounded in tax. Today, while we can serve every aspect of your business’ financial life, we still stand on a strong tax foundation.
At each step of the way, we will work with you to maintain compliance and minimize your taxes, while establishing a long-term relationship built on quality counsel and efficient, responsive service.
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