SERVICES / TAX PLANNING & CONSULTING
Strengthen Your Financial Position Through Tax Credits & Incentives
Investing in your business makes it stronger, but finding the resources to pay for that growth isn’t always easy. Federal, state and local tax credits and incentives can dramatically change that financial picture.
Bennett Thrasher’s team of dedicated professionals can help you maximize your tax savings by taking advantage of tax credits and incentives to align with your company goals.
Research & Development
The Research & Development (R&D) Tax Credit is an effective way for businesses to invest in new or improved products and processes. It can be used to offset federal income tax liability and, in some cases, payroll tax liability. Many states provide a similar credit, making it one of the most valuable tax credits available.
Cost segregation studies are a valuable tax strategy for real estate investors and commercial property owners. Various components of real estate may be segregated and reclassified for depreciation purposes from a 39-year depreciable life to a five, seven, or 15-year depreciable life. Further, owners can take advantage of bonus depreciation or qualified improvement property (QIP) resulting in substantial tax savings.
Commercial and residential properties that exceed energy efficiency standards may qualify for substantial tax savings. The tax savings can offset the cost associated with installing energy efficient components. The energy efficiency incentives may benefit commercial and multifamily building owners, architects, engineers, investors, developers, and building contractors.
Employer-Provided Childcare Tax Credits
Employers that provide or sponsor childcare for their employees can claim a federal and potential state credit for the cost of acquiring and operating an on-site facility, or amounts paid to contract with a licensed childcare program. The federal and state credits, coupled with the tax savings from deducting a portion of the childcare expenditures, can yield an after-tax cash surplus – that is, the tax savings can more than offset the cost of providing the childcare.
The professionals at Bennett Thrasher will help identify available tax-saving opportunities at no charge, allowing you to see the potential benefit before pursuing a particular tax credit or incentive.
Contact Our Tax Credit Experts
Bennett Thrasher believes in serving our clients by building trust through insight and involvement.
If you would like to learn more about the valuable tax credits and incentives for which your business may qualify, our tax credit experts can help. Contact Betsi Barrett to schedule a complimentary assessment.