Tax Credits and Incentives
Helping you discover nuggets of gold in a field of potential federal and state tax credits
Could your company be missing out on opportunities for tax credits in your federal and state tax filings? Having the help of experienced business tax professionals can make all the difference. Finding those nuggets of gold is not always a sure thing. That's why Ross-Stern & Associates can help your business discover and employ the many available federal and state government tax credits and incentives hidden within the vast archipelago of tax regulations. We can help your business discover and utilize:
- R&D tax credits
- Reverse sales tax audits
- Cost segregation studies
- Manufacturing tax credits
- Energy investment and renewable energy tax credits
- State energy incentives
- Section 179 deductions and bonus depreciations
Section 199 manufacturing deductions
Section 460 studies for contractors
Income tax abatements
Sales and use tax relief
Property tax abatements
Local economic development programs offering tax credits and other incentives
Transforming nonrefundable tax credits into refundable credits
Real estate: building rehabilitation and low-income housing tax credits
Energy efficient commercial building deductions
Work opportunity tax credits (WOTC)
New markets tax credits
Pension plan startup tax credits
Minimizing taxes by using a different inventory accounting
A world of opportunities hiding in plain sight
The tax specialists at Ross-Stern & Associates are sleuths for finding missed opportunities as well as available tax credits and incentives for your particular industry.
We can analyze your company's research and development operations to find tax credits and incentives. For example, if your company is developing a new or improved product, creating new software, or doing business in engineering, architecture, scientific, or technical services, you may qualify for the Federal Research Credit (also known as the R&D credit).
Overall, more than 40 industries have R&D expenses that qualify for this tax credit. This can be used by some small businesses to offset Alternative Minimum Tax (AMT) liability. In addition, many startup business can use this to offset some payroll tax liabilities. It is an often overlooked and significant tax credit your business can reinvest into your R&D efforts.
Another opportunity many businesses overlook is overpaid sales tax refunds. Our state and local tax specialists can conduct a sales and use tax reverse audit to uncover excessive tax payments. In addition, we can explore your past fixed asset and consumable purchases to hunt for vendor overcharges of sales taxes, or sales and use taxes paid on exempt transactions.
Businesses with real estate holdings can benefit from a cost segregation study. Through cost segregation, we can maximize the financial return by carving out shorter-lived assets that are normally embedded in a building’s construction or acquisition costs which are often depreciated over 39 years. As an example, every million dollars of property that your business can reclassify can result in approximately $230,000 in increased cash flow from income tax savings.
And for growing companies adding new hires or facilities, or expanding to new locations, Ross-Stern & Associates can help your company identify community investment tax incentives offered by the federal, state, and local governments.
These are just a few of the many ways that we can help you uncover a wealth of potential opportunities for tax savings, credits, and incentives.
Ready to find your own nuggets of gold? Contact us or call Ross-Stern & Associates at 818.776.0399 to schedule a discussion.