Why Hiring Unemployed People Increases Your Hotel’s Tax Savings

High turnover rates can wreak havoc on hotels especially when they are already faced with increasing operating costs.  It can be difficult for hotels to stay profitable without compromising guest satisfaction; however, when already faced with high employee turnover rates, hiring unemployed individuals may save your hotel money and boost its bottom line. 

Funding Your Business Through The R&D Tax Credit

The R&D tax credit was founded in 1981 as part of the Economic Recovery Tax Act to help companies remain competitive. Research and development tax credits provide a dollar-for-dollar reduction in tax liability, allowing you to increase your bottom line. Businesses are able to hire more engineers, scientists and software developers with the tax savings they gain from this credit. Additionally, the credit allows companies to buy more supplies and materials.

Decrease Your Effective Tax Rate With Employment Tax Credits

If your company is searching for ways to increase revenue and offset costs, one solution is lowering your effective tax rate. Your tax savings strategy should take a balanced approach to reducing your tax liability. It’s advisable to take advantage of all available tax savings opportunities, including employment tax credits.

A&E Firms: 3 Ways To Stay Off The R&D Tax Exclusion List

Architectural and Engineering (A&E) companies can realize the benefits of the R&D tax credit if they know which research activities are eligible for the credit.  Several activities that are conducted by A&E firms might, at first review, seem like qualified activities, but are actually ineligible types of company activities.

On Trend: Maximizing Your Company’s Employment Incentives Packages & More

Just as companies are looking to reduce costs and boost their bottom line, states are also finding ways to increase revenue.  Most states collect income and payroll taxes from businesses (a major stream of revenue for them) and to assist them with increasing revenue (i.e. attract more businesses to their states), many states offer various tax credits and incentives to businesses making significant capital investments or creating new jobs within the state.  According to an article in the New York Times, state and local governments are spending more than $80 billion on business incentives annually.  

Why Making The R&D Tax Credit Permanent Means More Money In Your Pocket

The research and development tax credit was founded in 1981 as part of the Economic Recovery Tax Act to help companies remain competitive. Recognized as a permanent tax credit as of January 1, 2016, companies can apply for one of the most valuable tax solutions, research and development tax credits – providing a dollar-for-dollar reduction in tax liability. Businesses are able to hire more engineers, scientists and software developers with the tax savings they gain from this credit. Additionally, the credit allows companies to buy more supplies and materials.

The Ins and Outs of State and Federal Tax Incentives

With constantly evolving rules and regulations, employment tax incentives can be difficult to navigate. However, every company, no matter how large or small, should consider pursuing  employment tax incentives. These credits can provide significant savings when you take steps  towards increasing eligibility and capturing benefits for new hires.

How Your Firm Benefits From Using An Outsourced Tax Expert

I recently took my Volvo to a general mechanic thinking I might get a better deal, he said, “Yes, I can fix it but you are going to have to pay for the time it takes me to research and learn how to fix it.  So, you are much better off taking it to Volvo, where that is all they do.”

Tax Savings Programs Every Hotel Should Know About

Hotels are faced with rising operating costs including increased taxes, escalating minimum wage rates and high employee turnover.  It can be difficult for hotels to stay profitable without compromising guest satisfaction.  Taking advantage of various tax savings programs including targeted employment incentives (like the Federal Work Opportunity Tax Credit), state employment based incentives and training based incentives may help boost your hotel’s bottom line by offsetting the costs of some of the most prevalent offenders such as increased taxes, escalating minimum wage rates and high employee turnover.

Increase Your Savings with the R&D Tax Credit

Tax credits provide a valuable outlet to increase your bottom line. Therefore, it’s important to keep proper documentation and work with a professional to develop informed tax strategies. In particular, the research and development tax credit allows businesses to significantly reduce their tax liability.