Yesterday I spoke with one CPA that was completely unaware that their Client had purchased an additional building (over $2M in cost), and another CPA that upon delivery of our Cost Segregation report didn’t understand where we got our figures from only to find out the Client spent over $300K in renovations last year that they failed to tell the CPA about.
Most business Owners are guilty of … running their business. As business Owners, we make decisions today that are good for our company and good for our bottom line, with little to no regard of how it affects our tax strategy (and it usually wouldn’t cross our minds to call our CPA in the middle of summer to review something for next April).
What Can I Do About It?
Step #1 for most business Owners I’ve talked to is:
Pound their fist on the desk angrily while complaining about the government
When that ceases to provide relief move on to the below Step 2
Step #2 (True Step #1)
For some business Owners, you bit the bullet and made a payment on tax day, for others you either filed extensions or simply filed without making a payment and are going to wait for the dreaded IRS bills to arrive.
In either instance, the good news is that just because tax is coming doesn’t mean your numbers are written in stone. There is over $200B in Federal Tax Incentives allocated to small and mid sized businesses to help offset your liability.
We’ve developed a simple online tool for business owners to check in 30 seconds if you qualify for any Federal Programs.
