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With our team of experts we offer independent audits to make sure that you are taking advantage of all the tax credits in areas such as Cost Segregation, Property Tax Credits, R & D Credits, Employer Retention Credits to name a few. These are conducted at no out of pocket expense to you.
Cost Segregation:
Description: Cost segregation is a tax strategy that involves identifying and reclassifying certain components of a commercial property to accelerate depreciation for tax purposes. Instead of depreciating the entire property over a longer period, specific assets, such as furniture or certain building components, are categorized separately to depreciate more quickly.
Purpose: By accelerating depreciation, businesses can reduce their current taxable income, leading to potential tax savings and improved cash flow.
Property Tax Credits:
Description: Property tax credits are incentives or deductions provided to property owners by local or state governments. These credits can be based on factors such as property value, usage, or specific improvements made to the property.
Purpose: To encourage property development, renovations, or certain activities that benefit the community, governments offer property tax credits as a financial incentive.
R&D Credits (Research and Development Credits):
Description: R&D credits are tax incentives provided to businesses that engage in qualifying research and development activities. These credits aim to encourage innovation and investment in research and development, leading to advancements in technology, processes, or products.
Purpose: To stimulate economic growth and technological progress by providing financial benefits to companies investing in research and development.
Employer Retention Credits:
Description: Employer Retention Credits (ERC) are tax credits introduced by governments, especially during challenging economic times (e.g., the COVID-19 pandemic). These credits are designed to incentivize businesses to retain employees by providing a tax credit against payroll taxes.
Purpose: To support businesses facing economic difficulties and encourage them to maintain their workforce, the ERC provides a financial incentive to retain employees rather than implementing layoffs or furloughs.
These financial strategies and credits play a crucial role in helping businesses manage their taxes, improve cash flow, and stimulate economic activities.
It's important for businesses to stay informed about available credits and incentives and work with financial professionals to maximize their benefits while ensuring compliance with relevant tax regulations.