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Tax Credits
If your company hires employees, then you most likely have qualifying Federal and/or State Tax Credits. Are you taking advantage of all available Federal and State tax credits? Most companies ARE NOT---in fact, the Government Accounting Office (GAO) estimates that only 1 in 791 businesses take advantage of the $ 22 Billion appropriated for tax incentives. On the average, at least 15% of all employees are eligible for a Federal or State tax incentives that could range from $1,500 to $8,500 per employee.
Key Points Regarding Federal & State Tax Incentives
- Federal and/or State Programs enacted by law as incentives to the private-sector for economic growth.
- It is an actual dollar-for-dollar reduction to current and future year tax liabilities.
- The employer is allowed to treat health care, training assistance, dependent care and education expenses as wages for purposes of calculation of the tax credits.
- It takes little time to capture the required information, only 4 minutes of Human Resources (HR) time is required to produce a potential $8,500 tax credit.
- Most of the credits can be applied to taxes backward for one year and carried forward for 20 years.
- Some Federal tax credits apply to a broad targeted group of specific individuals while others apply to certain Federal designated geographic areas.
- Along with Federal tax credits, State and Local tax credits and incentives are mined from a state-of -the-art database that is constantly updated and maintained by tax experts in State and Local tax incentive guidelines and regulations.
Most Federal and State tax credits and incentives available to companies go unclaimed due to the difficult, confusing and labor intensive task of identifying the incentives available in a particular jurisdiction and determining the applicability of those incentives. The potential dollar savings simply do not justify the risks of undertaking the efforts a company must undertake to understand how these tax incentives are applicable to their particular industry, locations, or employee base. That is, unless a company could outsource the calculation and administration of the Federal and State tax credits and incentives to a trusted third-party with a proven track record that specializes in this area as their sole business.
How it Works
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Alliance Payroll has partnered with TaxBreak LLC, they are experts at identifying employees that qualify for these tax credit and government incentive programs.
- After a painless set up process in which you give us permission to work with TaxBreak LLC, Alliance Payroll will begin to send your new hires and payroll information to TaxBreak LLC via a secure transmission process.
- The employee and payroll data is mined for potential tax breaks.
- Tax breaks are identified and applied for.
- Tax credits granted save your company money.
Benefits of Using the Tax Credit Program
- Dollar-for-dollar credit applied to taxes due to the Internal Revenue Service, and unused tax credits may be carried over to future tax years.
- No fees expense incurred unless credits and/or incentives are certified, this is a contingency fee agreement with no financial risk.
- Simple, easy process for filing necessary required documentation, minimizing administrative burden of client's staff.
- Access to tax experts in the field of Federal, State and local tax credits and incentives that act as an extension of client's tax department.
- On-line access to real-time web based reports of all credit statuses.
- Federal as well as State tax credits are mined in one simple process to maximize all available tax credit benefits that the client is eligible to receive.
- Compliance with all government regulations.
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