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Georgia Tax Credits Reduce Your Tax Bill


Jim Tinsley . 04.23.20

While you wait for relief from federal stimulus programs, the Georgia Retraining Tax Credit is a proven way for you to reduce (or eliminate) your tax burden and keep money in your business.

The extended state tax deadline means more time to find specialized tax credits…and that’s never been more important. Make sure you are not leaving money on the table!

What Qualifies?

If your business purchased or upgraded software, equipment or any technology, you may already qualify for a retraining tax credit that immediately reduces or eliminates your state income tax burden.

Based on approved Retraining Tax Credits this year, over 90% were awarded to companies related to upgraded software or new software, including to help them manage:

  • Customer conversations (e.g., CRM)
  • Business processes (e.g., ERP)
  • Patient health information (e.g., EHR or EMR)
  • Marketing activities
  • Inventory, documents or storage
  • Project details and workflows
  • Billing or payments

Who Qualifies?

Everyone. There are no industry or company-size specific regulations.

Based upon the approved tax credits we’ve already captured for businesses, the most valuable credits are often in the following industries:

  • Fast-food franchises such as McDonald’s
  • Doctor’s offices, dentist/orthodontic practices, medical clinics
  • Car dealerships
  • Construction, General Contractors, Architects and Engineers
  • Consultants, Lawyers, Technology Developers
  • Advertising, Marketing and other professional service firms

Working Remotely =Tax Credit Opportunity

We’ve helped companies secure tax credits for adopting remote-work tools such as, Zoom, Slack and Docusign.

If you have transitioned to running your business remotely, you may already qualify for a tax credit.

Your Tax Credits “Easy Button”

Our team of trusted tax credit experts are here to make it easy for you to lower or eliminate your state income taxes with a Georgia Retraining Tax Credit that you may have already qualified for.

Georgia Retraining Tax Credits Help Your Clients (and Help Keep Georgia Competitive)


Jim Tinsley . 04.14.20

While your clients wait for relief from federal stimulus programs, the Georgia Retraining Tax Credit is a proven way for them to inject meaningful cash into their businesses now.

The extended state tax deadline means more time to help your clients…and that’s never been more important. Make sure your clients are not leaving money on the table!

What Qualifies?

If your clients have purchased or upgraded software, equipment or any technology, they may already qualify for a tax credit that immediately reduces their state income tax burden.

Based on tax credits we have already processed this year, over 90% of tax credits have been awarded to companies that upgraded existing software or bought new software , including to help them manage:

  • Customer conversations (e.g., CRM)
  • Business processes (e.g., ERP)
  • Patient health information (e.g., EHR or EMR)
  • Marketing activities
  • Inventory, documents or storage
  • Project details and workflows
  • Billing or payments

Who Qualifies?

Everyone. There are no industry or company size specific regulations. Because these tax credits are captured for technologies that are universal to most businesses, most businesses qualify.

Based upon the approved tax credits we’ve already captured for businesses, the most valuable credits are often in the following industries:

  • Fast-food franchises such as McDonald’s
  • Doctor’s offices, dentist/orthodontic practices, medical clinics
  • Car dealerships
  • Construction, General Contractors, Architects and Engineers
  • Consultants, Lawyers, Technology Developers
  • Advertising, Marketing and other professional service firms

The Coronavirus Has Created Tax Credit Opportunities

For tax year 2019, we’ve helped CPAs secure tax credits for multiple clients who adopted remote-work tools such as, for example, Zoom, Slack and Docusign.

If your clients have transitioned to running their business remotely, they may already qualify for a tax credit.

An “Easy Button” to Help Your Clients

Our team of trusted tax credit experts are here to make it easy for you to help your clients lower their taxes with a Georgia Retraining Tax Credit.

Georgia Tax Credits = Immediate Relief for Your Clients


Jim Tinsley . 04.13.20

We know you’re doing everything you can to help your clients navigate these difficult and uncertain economic times. Stimulus programs such as the CARES Act will provide help…eventually.

With the extended 2019 income tax filing deadline, now is the perfect time to help your clients get immediate relief with a Georgia tax credit.

For instance, as your clients scramble to work virtually, did you know that video conferencing software like Zoom qualifies for a Georgia Retraining Tax Credit?

An “Easy Button” for You

The TaxCredible platform means you have an “easy button” to help your clients utilize Georgia tax credits to immediately infuse much needed capital back into their businesses. Credits can be captured quickly so that your clients can put money to work now.

Best of all, as your trusted partner, we identify and capture credits for your clients in time for them to take advantage of the extended 2019 tax season without creating more work for you.

A small amount of your time can translate into much-needed relief for your clients!

Retraining Tax Credit Comes Under Closer Scrutiny


Jim Tinsley . 02.05.20

Applications for the Retraining Tax Credit (RTC) are being challenged and declined statewide, though no changes have been made to the RTC guidelines and the same training programs have been readily approved in prior years. Our network of tax credit experts and providers who service SMBs and large corporations confirmed that this is uniformly true regardless of business size.

This developing situation may have an immediate impact on your clients’ current income tax burden. This is what we understand so far:

  • Training for software upgrades is under closer scrutiny, with more programs being disqualified as applying to “routine or minor upgrades” or “business as usual.” The training program must relate to “newly implemented technology” and must represent “significant” new capabilities / functionality / processes.
  • Training on upgrades to quality programs and LEAN initiatives no longer count.

Example: Training on ISO-9001:2015 as an upgrade from ISO-9001:2008 does not qualify, whereas training on ISO-9001:2015 where no previous ISO training does qualify.

  • Training on subjects required under commercial license agreements may now be considered “mandated training” and, therefore, not eligible.

Example: Training automotive technicians on new model year may no longer qualify.

  • Training on mobile tablets (e.g., iPads) now considered routine and, therefore, not “significant,” and no longer qualifies.

We strongly encourage you to contact your clients with this important update, especially those who have used the RTC in the past and who may be budgeting for a credit to offset their 2019  income tax liability.

Please contact your Account Manager if you have any questions.

A Tax-Planning Holiday Story


Jim Tinsley . 12.17.19

It’s year-end tax planning time – an opportunity to sit down with clients and discuss taxes for this year and next. It’s also the perfect time to remember the lessons from Dicken’s classic tale, A Christmas Carol…

The Ghost of Tax-Planning Past:

You spent time with your clients, reviewing your standard list of probing questions, covering everything that might be relevant: taxes, accounting, wills, estate plans, projections for the business and related items.

Thanks to your hard work and diligence last year, your clients received large refunds from the many tax credits you helped implement. They are happy and grateful.

The Ghost of Tax-Planning Present:

This year, you will again take time to identify tax credit opportunities. It’s easy, thanks to TaxCredible and its free, online, Tax Incentive Organizer. After answering a few questions within the organizer, you will uncover additional tax incentive gold nuggets associated with training, cost segregation, R&D and more, for the coming year.

The Ghost of Tax-Planning Future:

You’ve learned the value of keeping in touch regularly, offering expert counsel, and ensuring that your clients see you as so much more than just a “tax preparer.” You are essential to their business success and a part of their future. Client turnover plummets, your firm’s revenue skyrockets.

Charles Dickens would be so proud.

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Try this out: Take one of your client’s year-end tax plans, get together with them and complete a Tax Incentive Organizer to determine the potential tax incentives with this goal. The Organizer questions will help with next year’s tax planning. Use this link to our online form here.

Call Your Clients to Action


Jim Tinsley . 10.23.19

I received an email last month from a CPA. It said:

“I just got off the phone with Joe Smith from XYZ Company. He has your contact information and will be following up about tax credits.”

Two weeks passed and I never heard from Joe. We did finally speak, but not until I went back to the CPA, got Joe’s contact info, and reached out to him directly.

Clients need a reason to get started.

Everyone is busy – if you want others to take action, you need to nudge them in the right direction with specific information:

  • Clients don’t understand what tax credits are. For business owners, “money is money.” Property tax, income tax, tax credits … it’s all the same. More often than not, they don’t understand what these are or how they work.
  • Clients don’t appreciate the magnitude. Many business owners think tax credits add up to just a few hundred dollars and are therefore not worth the time and effort. In truth, many tax credits are worth tens of thousands of dollars. Once your clients understand this, they will be eager to learn more.
  • Clients don’t appreciate the breadth. There are hundreds of tax credits available on federal, state and local levels. You have to ask the right questions and guide them through a structured process to know if your client is eligible. (More on this below.)
  • Clients are not locked down for life. Competitors are knocking on your clients’ doors. Be proactive – discuss tax incentives when you do tax year-end planning with you clients.

So go ahead, pick up the phone now and schedule a no-charge conference call to help your clients take action!

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Try this: Take one of your client’s business goals, sit down together, and complete a Tax Incentive Organizer to determine the potential tax incentives that may apply. The Organizer’s questions will tie directly back to your client’s top business goals. Use this link to our online form, here!

Do Your Clients Confide In You?


Jim Tinsley . 08.15.19

Have you noticed the following disconnect?

On the one hand, you’ve spent years with many of your clients – developing trust, growing the relationship, and positioning yourself as someone they can depend on.

But … how often do your clients call to run an idea by you? How often do they share their future plans? How often do they confide in you regarding their business challenges?

It’s frustrating! How can you get them to stop treating you as the “annual tax return filer” and, instead, view you as an indispensable business advisor?

Consider these two steps:

  1. Know what matters most to them. Have a conversation in which you learn about their top two or three business goals. Check in regularly and keep that list current. Also, while engaged in these conversations, always express empathy. Let them know you understand and appreciate the challenges they face!
  2. Support them regularly. As you continually demonstrate your knowledge and authority in all things related to tax, strategy, business structure and business operations, you make it easy for them to listen and confide in you. You can do this by sharing your resources with them every chance you get, whether in-house or from outside of your firm.

Here’s a practical way to get started: If your client feels they are paying too much in taxes, get together with them and complete a Tax Incentive Organizer to find out if they are missing out on any tax incentives. The Organizer questions will tie directly back to your client’s top business goals. Use this link to our online form here.

How Many of Your Clients Would Hire You Again Today?


Jim Tinsley . 06.15.19

Think back – each of your clients originally hired you to do something specific. Maybe it was filing tax returns. Maybe it was a review and audit of financial statements.

Whatever the initial focus, your relationships have grown over the years and, with that, the services you provide have expanded.

So now you need to know – did a gap form between what each of your clients needs and what you are providing?

Here is how to find out. For each client…

  1. Revisit why you were originally hired. Given the changes in their business and your current offerings, is there still a good match?
  2. Think about what else you could provide. Can you bring something new to the equation? Something they desire but don’t know you provide, or that they need but are unaware of?
  3. Engage in the specifics. Your clients depend on you to uncover every dollar of taxes they DON’T have to pay. Complete a simple tax incentive plan and review it with them (click here to get started.)

It’s a new day! Make sure each of your clients, if given the chance, would hire you again!

Georgia Legislation and Tax Incentives


Jim Tinsley . 04.30.19
The Georgia Legislature ended its 2019 session with few major tax credit changes. However, one bill passed that could impact Georgia tax incentives in the future:
  • Senate Bill 120 – Georgia Tax Credit Business Case Act. Requires an economic analysis to be performed by the state auditor on existing tax incentives, up to six evaluations per year (click here).
Now is a great time to discuss your clients’ plans and activities that could lead to tax incentives. And remember, we’ve got an easy way to create a tax incentive plan at Taxcredible.com — just click here!

How Do I Connect with Potential Providers and Take Advantage of Tax Credits?


Jim Tinsley . 04.16.19

Think of TaxCredible as a secure, interactive platform. A platform that allows you to  connect with trusted tax incentive providers who specialize in a broad range of tax incentives.

To start, log into your TaxCredible account and fill in a tax incentive plan.

From there, and based on your client’s specific needs and circumstances, we will introduce you to an appropriate provider (depending on the specifics, we may introduce you to several).

The provider(s) will follow up with you and your client to discuss the potential tax incentives. If all three of you agree to move forward, your client will sign the provider’s agreement and start their tax incentive project.

Simple, easy, efficient.

That’s TaxCredible.

 

Screenshot: TaxCredible Tax Incentive Planning Page