Training Credits

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!

2014 Federal Conservation Easement (Tax Deduction) Season is OPEN!

Wow! That was fast! Half of 2014 is behind us and it is time to think about tax planning for this year. We have 3 properties available for your to evaluate as a potential tax savings opportunity. As you know, under a Federal Conservation Easement Program a piece of land can help preserve our natural resources while providing a very substantial tax deduction to individuals or companies. Typical savings could be as much as 100% and that is worth thinking about now. Here are some details on it.

The most important part is not delay until 12/31, but do your homework now and select the best opportunities out there. We believe our solution will fit you, your accountant and of course attorney very well! Give us a call.

Film Credits

We have received a substantial amount of calls lately about Film Tax Credits in Georgia. As you may know Georgia is a hot place for some movie productions such as Catching Fire, Fast and Furious 7 and many more. While big Studios might have a grip on how it works, we want to help everyone else film their next production in our State. Not only we will help you with the paperwork, we will also make sure you can make your tax credit turn into cash within 48 hours after approval. Now that is a wrap!

Summer is around the corner

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.

Work Opportunity Tax Credit (WOTC) 2014/2015 future is still not certain

If you have any WOTC credits pending with your local State Workforce Agency (SWA) you are probably watching what is going on Capitol Hill. Some unfortunate news today about the WOTC extension:

Senate was not able to pass the final bill on EXPIRE ACT limiting our ability to use WOTC this year. Now the bill is not dead but we must wait again to see if the passage will allow us to use the credit. If remember the ACT has the following provisions:

Extends WOTC for 2014/2015 with $3.1 Billion over 10 years in funding. Adds long term unemployed category and is retroactive to 01/01/2014

Please pay close attention to the News Media and engage your local Senator’s office to pass EXPIRE ACT.

You may still submit WOTC paperwork to any SWA while the program is in hiatus.

WOTC provides assistance to employers for hiring new employees in 9 Target groups with a Federal Tax Credit benefit of $1200 to $9600 per qualified new hire. 


Advantages of a Limited Liability Company & Partnership

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. 

No more Georgia Withholding Tax in 2014: $17,500

We are happy to report on a great progress for a fantastic start up company in the State of Georgia. As we all know first year of any business is tough, you are juggling everything from sales to payroll. One thing that could make life a little less hectic is less tax. After working with our client:

We were able to completely eliminate Georgia Withholding Tax for the next 12 months! $17,500 in total!

Not only did this help the business save some money, but they were even more frugal and used the money right away to hire 3 additional staff members! Great Job!!!

Time to file 2013 tax returns for your INC

It is that time of the year!

Filing tax returns could be painful. First of all, if you are doing it on time: CONGRATULATIONS! If you are doing it and have tax credits to apply to your return: EVEN Better!

On average we have noticed our clients filing their taxes on time with our tax incentives package in hand. Why wait!!!!

We are almost there with our new site!

After working for the past two weeks, we have released and updated version of our website. There is still more work to be done, but we hope you enjoy your visit. Over time, there will be many discussions about various tax incentive topics and hopefully you will find some of them worth your time!

Take care,

Tax Incentives Inc