The following is excerpted from our free White Paper on America’s Hidden Stimulus Funds.
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The vast majority of U.S. businesses are overlooking tax credits and/or refunds because they either don’t recognize the opportunities or are unsure of how to pursue them.
And while they’re not truly “hidden” – as in “secret” or “concealed” – they’re certainly hidden as in overlooked and unclaimed.
What makes this white paper so timely is that some of these specialized tax incentives are either newly-available to certain businesses and/or newly-expanded to increase the potential credits and/or refunds by being able to apply them retroactively for previous year’s tax filings.
Combined with recent court rulings favoring taxpayers, the climate’s never been better – nor the rewards greater – for pursuing these specialized tax incentives that apply to your business.
For many tax-paying businesses, these expanded opportunities could turn a marginal 5-figure gain into a healthy 6-figure gain or more.
You have potentially three bites at the apple to recover tax refunds or credits for your business. two such opportunities with the most promise of substantial financial benefit for the most businesses that are currently being widely overlooked are:
- Property Tax Refund – Many businesses are overpaying their local property taxes due to assessments that have failed to reflect actual market valuations;
- Manufacturer tax credits that net 100 cents on the dollar in cash flow benefit; and
- Cost Segregation studies to accelerate depreciation on certain non-structural building costs – including leasehold improvements – that could generate substantial refunds of prior tax overpayments based on improper depreciation of building costs.
You’ve probably heard of the manufacturer tax credit as a “research and development”, or R&D, tax credit and assumed your business wouldn’t qualify. R&D credits alone account for $12B a year in business savings, yet 95% of eligible companies don’t even try to claim them.
Let’s clear that up first. Businesses owners in virtually every industry are often unaware of federal and state research and development (R&D) tax credits that may produce fast cash flow benefit and recurring tax relief for routine activities they often assume don’t qualify as R&D.
In addition, prior tax overpayments are also going unclaimed by most eligible businesses. These businesses are leaving money on the IRS’ table by not claiming recovery of these overpayments (see Cost Segregation discussion below for more on these tax overpayments).
What follows is a brief walk-through of each of these overlooked tax incentives.
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