The R&D credit is reward for innovation and problem-solving...

 ...and there's really no industry limitation.

Any business that is eliminating technical uncertainty in the development of products or experimenting and relying on science to really develop a product is a very good candidate for an R&D credit.

Anyone looking to leverage the R&D tax credit should first visit BusinessRefund.com and then consult with their accounting team.

Are you getting paid for new hires and existing employees?

  

If not, you should be. 

Check here for your companies eligibility. 

Credit Card Audit with no upfront fees and no changing providers?

 

A credit card audit should focus solely on expense reduction within the payments industry and should be a two-phase approach to expense reduction in the payments industry for businesses.  

1. First, correct the processing plan to reflect the most competitive plan type and rate, using formulated, specific asks of the existing provider.  

2. Second, assist the client to further reduce the non-negotiable fees through processing optimization and help qualify payment transactions at lower interchange rates by passing through additional processing data.

The highest success rate for merchants that process credit card transactions are where the card is not physically present. This is referred to as a Card Not Present (CNP) environment, and includes B2B and eCommerce companies.  

Companies processing card payments between $1M and $20M on an annual basis typically have the largest potential savings opportunity.  

For card present locations, where the credit card is physically swiped at a terminal device, there may still be significant savings. As such, those types of merchants should never be overlooked or immediately disqualified.

A no upfront fee credit card audit can performed in seconds at Business Refund.

WOTC is a win-win for business owners and disabled workers.

 

The Workers Opportunity Tax Credit (WOTC) can save you thousands of dollars and employ a largely overlooked workforce such as disabled workers.

Other potential hires who qualify for the credit include certain lower-income individuals, qualified veterans, and ex-felons. It’s even possible that you have already hired someone who qualifies, so be sure to check as part of your tax planning. In fact, many people who have been on unemployment assistance as a result of COVID-19 will qualify for this program.

See your results in seconds ($2400 - $9600 per employee) with live assistance Mon-Fri 9am-5pm EST 

at YourWotc.com

Multifamily Properties and Engineered Based Cost Segregation

 

Cost segregation is a tax benefit that is not well known. Cost segregation is a strategy used by property owners to maximize the amount of depreciation taken each year.

This kind of depreciation expense is one of the major tax benefits of multifamily ownership because it helps to reduce the property’s tax liability without impacting the cash available for distribution. Commercial property owners, such as a multifamily property, have a strong incentive to take as much depreciation as they can each year. One of the ways this can be done is through a cost seg study (with no upfront fees).

Without cost segregation, tax rules allow multifamily assets to be depreciated over 27.5 years using a straight-line schedule. Cost segregation involves reviewing every aspect of a property and segregating its components into different buckets for which depreciation can be accelerated. 

By dividing a property into its components and depreciating them over a shorter time period, depreciation expense is maximized, and the resulting tax liability can be significantly reduced. Over a 10-year investment holding period, the tax savings from using cost segregation can be significant.

Depreciation is a noncash expense, meaning that it does not represent money that the property owner paid to another party. It is an accounting concept that does not impact the property’s cash available for distribution.

The benefits include:

*Increased Cash Flow

*Minimizes Taxes

*Catch Up Benefit (no amending returns)

*Free Up Money For Investments

Now you can see your benefits in seconds.

If you have a business, it's time!!!

 

It is time to focus on year-end tax planning to minimize taxes for 2020 and get ready for 2021. 

Numerous tax law changes from recent legislation, including the SECURE Act and the CARES Act, may influence last-minute actions for business owners. 

There are many tax planning opportunities that can be implemented now that will make a favorable impact on income tax returns for this year.

See your specialized tax incentives now and then show this to your CPA while there is still time.

Dentists have adjusted their practices during a pandemic...

While many businesses have been hit hard by the coronavirus pandemic, dentists have faced some of the biggest challenges because numerous procedures routinely use instruments that can create droplets and aerosols, posing potential risks of transmission.

Many were closed for months and were seeing emergency cases only. They were seeing patients who were in pain; no treatment was being done to not have aerosols. It was whatever could be done without a handpiece or ultrasonic devices. There were no fillings, no treatment per se, or crowns — only for symptom relief. 

Patients, of course, were anxious about safety, so it has taken a lot of training of staff and then also reassuring patients of all the steps that were taken so that they feel safe to come in. Pre-COVID versus post-COVID, most practices have lost 20 to 30% business.

Now there is emergency business relief for the dental industry and it is not a loan. More info here.