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Employee Retention Tax Credit (ERTC)
ERTC is an incentive created as a part of the CARES act in the form of refundable tax credit that businesses can claim on qualified wages paid to employees.
Empowerment Zone Tax Credit
Empowerment Zone Employment Credit is a federal tax incentive program for businesses located in the designated area, which hire and retain local employees. This program is aimed to encourage business and economic growth in those designated areas.
Cost Segregation
Cost Segregation is a commonly used and widely accepted tax planning strategy for commercial
and/or residential real estate owners to increase cash flow by accelerating depreciation
deductions and deferring federal income taxes.
R&D Tax Credit
The Research and Development (R&D) Tax Credit is a federal tax benefit that provides cash incentives for companies that design, develop, or improve their business components.
Employee Retention Tax Credit (ERTC)
Even if you receive PPP, you can still claim ERTC
How many credits can you get?
2020 Year, 50% of qualified wages paid, up to $10,000 per employee. (Maximum credit is $5,000 per year per employee)
2021 Year, 70% of qualified wages paid, up to $10,000 per employee. (Maximum credit is $7,000 per quarter per employee)
Are you qualified?
Full or Partial Suspension
Did your business operations partially or fully suspended due to government orders in 2020?
Sales Decline
2020: Did your business suffer from at least 50% decline in quarterly gross receipts compared to 2019?
2021: Did your business suffer from at least 20% decline in quarterly gross receipts compared to 2019?
Empowerment Zone Tax Credit
Who qualifies?
Business location and employee’s address must be within the Empowerment Zone designated area.
Click here to check the empowerment zone designated area
What are the benefits?
Employers can claim federal tax credit from 20% of the first $15,000 wages paid to each qualified employee. (Maximum of $3,000 credit per qualified employee per year)
There is no limit to the number of employees a business can claim, as long as they live within the Empowerment Zone designated area.
Cost Segregation
How does it work?
Understanding that in average commercial buildings must be depreciated over 27.5 or 39 years, most of the property assets and components actually depreciate much quicker.
With Cost Segregation study, it identifies all the building components that may be depreciated over much shorter periods of 5, 7 and 15 years for accelerated tax depreciation result that can be added as an expense towards your passive income, hence it will reduce your federal income tax when you have passive income.
Who Qualifies?
Any commercial and/or residential property owners with a minimum building basis of $1,000,000 who has purchased, constructed, renovated and remodeled QUALIFIES for this Cost Segregation program.
What are the benefits?
- An immediate increase in cash flow
- A reduction in current tax liability
- The deferral of taxes
- The ability to reclaim “missed” depreciation deductions from prior years (without having to amend tax returns)
Properties purchased after 9/27/17 are eligible for 100% bonus depreciation
Properties that have a depreciable life of 20 years or less can be depreciated 100% in the first year. Enjoy this benefit TODAY rather than waiting for 27.5 or 39 years to receive it.
R&D Tax Credit
Who Qualifies for R&D Tax Credit?
Any company that designs, develops, or improves products, processes, techniques, formulas, inventions, or software may be eligible. To be more precise, if a company has simply invested time, money, and resources toward the advancement and improvement
of its products and processes, it may qualify.
Activities that are qualified for the R&D tax credit has to meet the Four-Part Test:
- Permitted Purpose – Activities must relate to a new or improved function, quality, performance, or reliability of a business component.
- Technological in Nature – Activities must rely on the principles of sciences, such as physics, chemistry, engineering, biological or computer science.
- Elimination of Uncertainty – Activities must be intended to discover information to eliminate uncertainty concerning the development or the improvement of a product or process
- Process of Experimentation – Activities must involve the process of experimentation, such as modeling, simulation, systemic trial, or error methodology
The wages of employees and the invoices that you paid to 3rd parties are all qualified for R&D credit
What are the benefits?
- Up to 13.5 cents of R&D tax credit for every qualified dollar
- Dollar-for-dollar reduction in your federal and state income tax liability
- Increased in earnings-per-share
- Reduction of your effective tax rate
- Improved cash flow
One of the very many misunderstandings regarding the R&D tax credit is that participants must have laboratory, wear lab equipments and use test tubes in order to qualify for the credit. Companies are able to qualify as long as they begin with the development of concepts and extend to the point where a product, process, formula, or other business component is ready to be commercially released.
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