5 Reasons To Outsource Corporate Tax Incentive Services To An Expert

Written by Darren Labrie, CPA. Updated May 20, 2015.

outsourced-corporate-tax-incentive-servicesWhen corporate tax incentive rules, requirements and deadlines become too difficult for your business to handle on its own, outsourcing tax inventive services to a tax expert is a beneficial solution. 

Tax experts are knowledgeable about state and federal tax incentives that have the potential to improve your budget. Instead of letting tax problems pile up, discover five ways outsourcing tax credit and incentive services helps your business maximize tax savings. 

1. Tax Experts Assist You With Proper Documentation 

Many state and federal tax incentives have strict documentation requirements that are difficult to meet without the assistance of a tax expert. For example, federal R&D credits require that researchers track the hours they spend working on each qualified project. 

Other corporate tax incentives are even more demanding in terms of documentation requirements. By consulting a tax expert, however, you are prepared with all necessary paperwork when it’s time to submit for a tax credit. 

2. Outsourcing Tax Services Helps Maximize Tax Savings 

It is possible your business has successfully captured tax credits you submitted for in the past. However, do you receive the maximum amount of savings for every corporate tax incentive you pursue? 

Tax experts knowledgeable in their field are able to maximize your tax savings by ensuring you claim the highest value credit for which you’re eligible. Due to their experience assisting other businesses, tax experts are familiar with the best methods for capturing valuable tax credits. 

3. Tax Experts Ensure Timely Submission Of Materials 

As a financial decision-maker at your business, you may feel overwhelmed by the number of deadlines necessary to properly submit documentation when working to capture tax credits. How do you design an effective system for ensuring everything is submitted on time? 

Outsourced tax incentive services are familiar with deadline requirements for state and federal tax incentives and able to help you schedule documentation submissions. If you’re pursuing employment incentives, for example, a tax expert reminds you to submit the proper forms within 28 days of a new hire. 

4. You May Not Know You Are Eligible For Certain Tax Incentives 

Many businesses disregard valuable tax credit and incentive opportunities because they do not believe they are eligible. Common corporate tax incentive misconceptions  lead businesses to believe they don’t hire employees eligible for employment incentives, for example.

Missing opportunities to gain tax credits because you don’t understand qualification requirements puts your business at a disadvantage. In some cases, tax experts are also able to help you submit for corporate tax incentives you might not be aware of.

5. You Receive Day-To-Day Guidance On Tax Credit Submissions 

Given the complexity of tax rules, businesses sometimes have questions or concerns when submitting for tax incentives and no way of finding answers. Without a tax expert to assist you with daily decisions, it’s easy to make mistakes during the submission process. 

Everyone needs guidance at times. By outsourcing your tax services, you’re able to consult an expert at any time when you encounter a problem with your day-to-day tax needs. 

Outsourced corporate tax incentive services provide the direction and expertise your business needs to maximize tax savings. Whether you need long-term solutions or an answer to a more immediate question, your tax expert is a valuable resource.  

Ready to learn more about how your business could benefit from pursuing corporate tax incentives? Discover whether your business is eligible to claim R&D credits by taking a free quiz. 

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Topics: R&D Tax Credit

Darren Labrie, CPA

Written by Darren Labrie, CPA

Darren brings more than 20 years of experience in tax credits and business incentives. In his current role, he focuses on the overall operations of the practice and ensuring the highest level of service to clients.