Learn Hidden Rules of Employee Retention and Research & Development Tax Credits
It’s amazing the amount of ads about Tax Credits. One thing I haven’t heard any ad say, which is the number one requirement, is that your business has profit, which means you owe. The tax credit is a CREDIT towards tax you owe. If you don’t owe, there’s no credit. 2) And Records. You have to records.
As an American Incentive Advisor affiliate, I can say, you don’t have to pay anything to find out if you qualify. But you have to have your records in order for a determination. And pay for your paperwork is processed.
When you Do Have to Pay
If it is determined you are eligible for credits, you do have to pay (every company has their percentage but you should know this amount upfront). You must have to money to invest in the professionals who are preparing your return. But you must have your records in order.
Document Organization & Presenation
I am not a solicitor. When I encounter people who share projects that sound eligible, I tell them about it. I specialize in the Organization and Presentation. Having successfully submitted tax credits for great returns (in excess of $200,000.00), I am versed in Professional, Legal, and Financial writing. Converting your post-its and texts into Project Management Reports with Cost Analysis, is my forte.
The Rules in Black and White
Commercials and memes are fun but when it comes to taxes, make sure you confirm the facts with the IRS. Though your normal accountant may not be familiar, any Tax Incentive company should work with your accountant. They are key to your records and your tax records need to be current and accurate.
- Here is the most recent updates on Employee Retention Credits.
- Here is the most recent updates on Research and Development Credits
New Payroll Tax Credit 2022
There is a small loophole. But again, it requires that you have paid payroll tax. If you have employees, you know how expensive that is. This is what small businesses need to look into.
Lastly, your bookkeeper or accountant most likely will not know aobut or even how to file for these credits. There are legal tax professionals accredited by the IRS to submit these credits. If you decide to go with a company, make sure you see the employee roster with credentials.
More on Tax Credits soon…
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