It is possible you have filed your 2013 Corporate Return or perhaps thinking on how to get it all done by September/October 15th?

There is a simple way to save money on Georgia Taxes:

See if you have had any staff training in 2013?

Specifically if you have installed a new software or purchased a machinery that required extensive training. You may be eligible to receive up to $500 per person, per course and up to $1,250 per year in Georgia Income Tax Credit.

Now of course there is a bit of work involved to get the credit, but that is where we can help!

Many Businesses file an extension for various reasons. Listing them would require a separate site. But one thing we know for sure:

If you have filed an extension to secure some tax credits, Great Job!

Many States require various certifications, calculations and approvals before you can safely claim a tax credit. Some states have strict requirements to submit an intent to use a Tax Credit. Failure to do so, could forfeit important attributes of a tax credit. Make sure you financial professional pays attention to all deadlines. If you are not sure if your business could qualify. Give us a chance to find something for you.

Of course you have been down the road INC or LLC? Well we will not go into the details of which one is better but here is a tip you may have not known:

You can assign Tax Credits to each member or owner based on a change in the operating agreement

Why is this important? Let look at the following example: Super Cool LLC, has two owners. One at 40% another at 60%. They were able to secure a $100,000 tax credit. Naturally Owner 1 gets $40,000 and Owner 2   gets $60,000. Both of these amounts flow onto their K-1, however Owner 1 has been busy with his investment activities and generated a larger liability this year, and Owner 2 cannot use the whole credit, since he/she had a loss in his/her business. Naturally Owner 1 can take a greater advantage of the tax credit and upon mutual agreement they decide to change their percentage to 80/20 for current taxable year. Therefore Owner 1 gets $80,000 in tax credit and Owner 2 gets $20,000. This arrangement will also flow income to the 2 owners with their respective percentages, but we will just assume it is very low this year.

You can still do it in an INC, but it is a bit more complicated.

Let us know if we can look up a tax credit for you!

As always we must add the following: Every situation is different, please call us or contact your Certified Public Accountant on any financial/accounting advise.