Tax planning is essential for businesses who want to achieve long-term growth and profitability. Paying unnecessary taxes can put a toll on the financials of a company. Therefore, it’s crucial to take a proactive approach toward tax liabilities.
It’s important to take advantage of credits and incentives made available by the Internal Revenue Service to avoid paying more tax than required. However, you need to look beyond conventional tax saving solutions to maximize tax savings.
Let’s check out the three specialized tax savings to maximize the profitability of your business:
Cost segregation depreciation
Smart real estate investors perform cost segregation depreciation to minimize their tax liability. The engineering-based study allows them to shelter taxable income by reclassifying real estate properties. It’s a widely accepted and highly beneficial tax planning strategy.
The mission is to depreciate certain property components at an accelerated pace to realize cash flow benefits by maximizing tax savings. At The Darson Group, we have a team of cost segregation experts who can help you identify potential ways to reduce your tax burden.
R&D tax credit
Companies that spend thousands of dollars in research and development activities may claim R&D Tax Credit to minimize their tax liability. It’s meant to incentivize companies to pursue innovation. However, you must go through an intricate process to claim the tax credit.
This incentive is available to small and large companies in many industries, but many businesses leave money on the table due to complexities and lack of knowledge. The Darson Group has highly qualified R&D tax credit experts who provide first-in-class services to maximize savings.
The Work Opportunity Tax Credit (WOTC)
The WTOC is a Federal tax credit available to employers to hire candidates who faced significant employment barriers. This incentive is provided to encourage companies to give opportunities to people from targeted groups.
WTOC comes with a high ceiling of $1 billion, providing businesses the opportunity to make substantial tax savings. Each hiring can provide up to $9,600 in tax credits. The Darson Group provides specialized WTOC solutions to clients at competitive rates.
While keeping receipts and writing off bad debts help reduce your taxable income, using these specialized solutions is imperative to drive substantial tax savings. Partner with a company that can help you identify and maximize opportunities to save you hard-earned profits.
The Darson Group offer a wide range of specialized tax services, including cost segregation depreciation, R&D tax credit, and the work opportunity tax credit. We have experts who find tax savings to improve the bottom line of your bu