I’m introduced to the owners and leaders of manufacturing and technology-based companies virtually every day and I find it interesting there’s such a large number of businesses that are unaware or unfamiliar with the R&D tax credit and the financial benefits it can provide their companies. In particular, federal and state R&D tax credits allow companies that develop products, processes and software to offset their income taxes by as much as 20% of the costs incurred in their development efforts.
Presently, U.S. manufacturers and technology companies in the know are leveraging R&D tax credits to the tune of $15 billion a year, yet evidence shows that most eligible businesses are leaving substantial tax dollars on the table that otherwise could be reinvested in their businesses.
Most business owners and many business advisors are unaware of the differences that separate a business broker from a merger and acquisition advisor (M&A advisor). It is vital to retain the right type of firm for the sale of any business.
There are different levels of financial support that a business will need over time. Do you need a Bookkeeper, Controller, or CFO? Which is the right resource for your business will depend on many factors. The first person to whom you should ask this question is your CPA. Your CPA should not be the one filling the role of Bookkeeper, Controller or CFO. Why?
As a business owner, improving profitability is a constant, if not a somewhat elusive, goal. It’s easy to get caught up in the daily fires that consume our time and attention. A disciplined focus on maximizing profits must be our foremost concern as the surest path to business success. Let’s look at five ways that lowering your energy consumption will improve your profitability.
If you’ve set up 401k plans for your employees, or are thinking of doing so, it’s vitally essential that you understand the many facets of your fiduciary responsibility to your employees regarding their 401k plans.
When can you recall new tax laws being good news for manufacturing? U.S. manufacturers and technology companies are only beginning to realize that federal income tax provisions contained in the Protecting Americans from Tax Hikes (PATH) Act of 2015 are certainly worth being excited about. The PATH Act, which was signed into law in December 2015, made the R&D tax credit a permanent piece of the federal tax code and created additional benefits for small and startup companies.
Are you the proud owner of a Commercial or Multifamily property or other professional buildings? If you aren’t depreciating your property as quickly as permissible under current law, you may be grossly overpaying your federal income taxes. Engineering based cost segregation can help.
If you have tried to obtain bank financing in the past, you know that getting financing for your business is not that easy and not that quick and not that cheap. Banks also require collateral. So why would a total stranger, who knows nothing about you or your business, offer you such a sweet deal?
Without question, one of the major highlights of the recently enacted PATH Act of 2015 is the provision making the R&D Tax Credit permanent. The permanency of the credit provides the owners and leaders of manufacturing and technology companies the fiscal certainty necessary to make important decisions concerning their investments in innovation.