Best Practices

Discover The Benefits Of Working With A Tax Expert To Claim Property Incentives

It is important that businesses seeking to qualify for tax incentives, realize the full savings available from local, state, and federal employment tax credits and incentives programs. Working with a tax expert, you can build a strong lasting relationship, while achieving maximum tax savings. Let's take a look at some best practices for capturing property incentives.

  • Conduct a thorough review of the existing fixed assets to identify opportunities missed in prior years. This includes (but is not limited to) improper capitalization, errors in depreciation and missed special deductions or tax credit opportunities.
  • Inquiry about current and future significant real and personal property purchase including leasehold improvements to maximize any possible opportunities. By taking a proactive approach, we are able to significantly increase the value as opposed to taking a reactive approach.
  • Taking the time to understand the full picture – how long do you expect to hold the property/investment? What are the investors past, current and expected federal and state situation?
  • Consider how each opportunity interacts with other opportunities being considered, including opportunities the investors may already be claiming on property investments outside of the investment initially currently under consideration.
  • Bring the right technical team to the project – property incentive opportunities will benefit most by involving professionals with engineering, construction, tax and incentives experience.