As a CPA with a roster of rotating clients, you have a lot on your plate. You develop financial plans, conduct analysis and decipher complex financial transactions to help your clients make informed business decisions.
As your clients look to you for tax-savings strategies, work with them in the following five ways to help optimize their tax credits and incentives opportunities:
1. Work closely with your CPA clients and be aware of changes to their businesses.The only way to make a connection between your clients and the world of tax credits and incentives is to stay on top of changes occurring within their businesses.
- Will the company be increasing its employment? If so, in what states?
- Is the company planning to open or close any facilities in the next year?
- Has the company conducted significant employee training?
- Does the company plan to purchase or build new facilities in the future?
Changes in the way your clients conduct business could have an effect on many of the most common federal and state tax incentives, such as employment-based tax credits, cost segregation for real estate tax savings and R&D tax credits.
2. Conduct an annual review of activities involving employment, research and development, and operations and facilities.At least once a year, it’s critical to do an annual review of your clients’ business activities. These reviews should take an analytical look at financial statements, trends and management expectations.
An annual review provides you with a snapshot of a client’s business, which enables you to develop tax-savings strategies around current and future tax credit and incentive opportunities.
3. Focus on tax savings opportunities in states where your clients have the highest tax liability.If you have clients with business activities in multiple states, a proven course of action to minimize tax liability it to aim for credits and incentives in those states with the highest liability.
Once you have established which states to focus on, you may then identify tax credits and incentives that your clients qualify for in an effort to reduce their overall tax liability.
Developing a solid tax planning strategy (one that maximizes savings) for your clients results in financial health and future business growth. To create realistic and effective tax-saving roadmaps for your clients, you need to partner with an outsourced tax expert that specializes in identifying and capturing tax credits and incentives for corporations and small businesses alike.
By partnering with the right outsourced tax expert, you gain years of experience to establish a built-in support system for finding your clients tax savings.
Ready to learn more about best practices for finding your clients the tax credits and incentives they deserve? Call 866-444-4880 or click here to speak directly with an experienced tax expert at Corporate Tax Incentives.
