A few reasons why businesses should consider seeking tax incentives...

 

Tax incentives can reduce a company's overall tax burden and increase cash flow. Common tax incentives include tax credits, tax deductions, tax exemptions, and tax abatements. These can lower a company's taxable income and what they owe in taxes.

Tax incentives can make major business investments more affordable. Incentives like investment tax credits or property tax abatements may offset some of the costs of things like new equipment, expansion projects, R&D, etc. This can make these big investments more feasible.

Incentives can be used to influence business behavior and drive growth. Governments often use tax incentives to encourage activities like job creation, renewable energy use, development in certain areas, exporting, etc. The incentives provide motivation for businesses to align with policy goals.

Competitive factor - Incentives can help attract new businesses or get existing ones to stay/expand in a certain jurisdiction versus moving elsewhere. Sites with attractive incentives gain a competitive edge.

Specific industries or projects may qualify for targeted incentives. Programs for manufacturing, tech/R&D, redevelopment zones, etc. can help certain businesses the most. Firms should identify what's available for their sector.

The process of claiming and using incentives taps companies into expert advice. Economic development agencies help connect firms with relevant programs and compliance assistance.

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98.2% of Fortune 500 companies use an application tracking system in the hiring process.

TMS allows any business with employees to track and claim all of their available tax credits, including the ERC and WOTC.

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Why take the worker's opportunity tax credit?

Here are a few reasons why an employer might want to take the Worker Opportunity Tax Credit:

• It provides a federal tax credit for hiring employees from certain targeted groups that have traditionally faced barriers to employment. Eligible groups include veterans, ex-felons, those on public assistance, and those living in empowerment zones.
• The tax credit amounts to up to $9600 per eligible employee hired. So it can provide a significant cost savings on taxes for employers.
• It incentivizes employers to diversify their workforce by hiring from demographics they may not have considered or tapped into before.
• It can help employers fill positions when there is a shortage of qualified candidates. The tax credit makes hiring from the eligible groups more advantageous financially.
• By creating employment opportunities for the targeted groups, it aids in reducing unemployment for populations that tend to have higher jobless rates.
• The employer gets a social benefit of helping individuals who likely want and need jobs in order to gain skills, income, and stability.

So in summary, the key reasons an employer may want to claim the Worker Opportunity Tax Credit are the significant federal tax savings, the incentive to diversify hiring practices, help filling open positions, reducing unemployment for disadvantaged groups, and gaining a social benefit for the company's image. The credit aims to achieve both economic and social goals.

Why US business owners do not take their tax incentives.

 

There are a few potential reasons why business owners may not take full advantage of tax incentives available to them:

• Lack of awareness - They may not know about all the tax credits, deductions, and other incentives they qualify for. Staying on top of changing tax laws and new incentives can be challenging. We keep our clients constantly updated!
• Hassle factor - Some tax incentives require a good amount of record-keeping, paperwork, or other effort to claim. Business owners may decide the extra work isn't worth the potential tax savings. We do 98% of the work!
• Cash flow - Many tax incentives only provide savings when taxes are filed. But to claim them, money often has to be spent upfront. Some businesses may not have sufficient cash flow to make those initial outlays. We have no upfront fees!
• Qualification issues - Tax incentives frequently come with specific requirements around things like location, industry, equipment purchases, payroll, etc. Businesses may not fully qualify for the tax breaks they are seeking. Our software derermines that in 60 mseconds!
• Fear of audit - Claiming large deductions or credits can raise a red flag with the IRS and potentially increase audit risk. Some business owners may prefer to play it safe. In 20+ years we have not been challenged by the IRS!
• Temporary nature - Tax incentives are often temporary or phase out over time. Business owners may be reluctant to make long-term investments based on short-term tax breaks. Is a $5/mo subscription with no contract a long term investment?!?
• Lack of tax savvy - Some business owners simply aren't aware of all the tax-saving moves they could make or don't fully understand how to maximize their tax incentives. Hiring a knowledgeable tax advisor can help identify opportunities. That's why we created our software, there is nothing like it!!

The bottom line is tax incentives provide great opportunities for many businesses, but not unless they check their benefits now!!

A few reasons a business might want to take advantage of tax incentives.

*Save money - Tax incentives like credits, deductions, and exemptions can reduce a company's overall tax burden and help improve cash flow. This extra money could be invested back into the business

*Encourage certain activities - Some tax incentives are designed to encourage specific business behaviors like investing in new equipment, hiring more employees, performing research and development, or operating in certain locations that need economic growth.

*Level the playing field - Tax breaks can help level the playing field for certain small or disadvantaged businesses that policymakers want to assist. This helps them better compete.

*Attract investment - Tax incentives may make a jurisdiction more appealing for businesses to locate to. Things like tax credits, grants, and subsidies can offset costs and boost ROI.

*Create jobs - Hiring credits and payroll tax reductions can incentivize business expansion and job creation in a particular area. This provides employment opportunities.

*Reduce risk - Credits and deductions help companies lower their tax liability, which reduces potential losses and can encourage taking on riskier ventures or investments.

So in summary, the main goals of business tax incentives tend to be spurring economic growth, creating jobs, and allowing companies to be more competitive. The savings and benefits ultimately allow businesses to reinvest in themselves.