Tax Credits & Incentives you should know about

FIND OUT MORE & SEE IF YOU QUALIFY!

  • The R&D Tax Credit applies more businesses than most people think! Any organization that designs and/or improves products or technical processes can likely qualify.

    + Get 10% or more back on eligible employee salaries, supply expenses and contractor expenses.

    + Early, unprofitable development phases can qualify for a payroll tax deduction.

    + Claim eligible expenses for three prior years for a sizable refund. Carry current credits forward for up to 20 years to maximize tax savings.

    + Most CPA’s do not process the R&D Tax Credit. It requires additional documentation and reporting to claim.

  • If you acquired a commercial or investment property in the last few years, you could be leaving money on the table. A Cost Segregation Study allows recent property owners to claim more depreciation sooner by specifying asset classes and accelerating depreciation. Instead of waiting years, claim your depreciation sooner and get more money back to reinvest sooner.

  • WOTC offers significant incentives to businesses who hire employees from specific target groups, such as veterans, ex-felons, or long-term unemployed individuals. By participating in the WOTC program, businesses can reduce their federal tax liability, lower hiring costs, and contribute to workforce diversity and inclusion initiatives. It is aimed at supporting business growth and facilitating employment opportunities for individuals facing barriers to entry.

  • The FICA Tip Credit is a tax benefit specifically designed to lighten the financial load for food or beverage service companies that employ tipped workers. By leveraging this credit, these businesses can offset a portion of their taxes based on the tips reported by their employees. It provides a way for restaurants, bars, and similar establishments to lower their payroll tax expenses.

  • The 179D Tax Deduction is a lucrative incentive for businesses that invest in energy-efficient building upgrades or construction projects. Eligible businesses can claim deductions of up to $1.80 per square foot for improvements related to heating, cooling, ventilation, lighting, and other building efficiencies. Get even more back while focusing on environmental sustainability and long-term cost savings.

Trust in your accounting process is vital to making smart business decisions!

It can be hard to know the value you are receiving from your current CPA or accounting process; that is, until you do not have the up-to-date information needed to take advantage of an opportunity or plan for the future. Your business deserves access to the best accounting resources available.

At a fraction of the cost for traditional solutions, more and more companies outsource their accounting and financial planning needs. From one-time bookkeeping projects, to hiring a fractional CFO instead of another full time executive, to CPA’s that are accessible when you need them, Flywheel works with partners that tailor their services to fit your budget.