As an employer, what if everything you thought you knew about taxes was wrong? When would you like to find out? I am just amazed at the employers that don’t take advantage of government incentive money. Sadly, some even take bad advice from their accountant or CPA from their own fear of not knowing how to receive incentives by scaring their employers into thinking they will be audited. Nothing is further from the truth. As a matter of fact, IRS audits are at a 15 year low. Why would there be an audit of incentive money the employer is entitled to in the first place? But fear can be paralyzing, even to a savvy business owner.
Employers are aware in most cases of incentives through news stories. Most are familiar with government incentives to keep jobs on American soil or grants for equipment for disabled employees or incentives for hiring our veterans. The list is so much longer than these. Employers can take advantage of employer incentives, research and development incentives, energy incentives and even employee wellness incentives. The catch is, it takes specialized companies to research and file, something your business CPA doesn’t know how to do.
You would not use your local general doctor to perform open heart surgery. You would hire a heart specialist. Receiving tax incentives, rebates and credits are no different. You must hire a specialist. There is an ocean of money for employers big and small, you just have to have the expertise to apply. If you are serious as an employer, you need to explore how to receive government money your entitled to at the federal, state and local levels as an employer.
Sadly, only about 5% of all employers take the time to apply for these incentives. Take advantage of every opportunity, no matter where it comes from for your business. Do your own homework. Stop overpaying on your taxes and receive your money back and grow your business and put fellow Americans back to work. The economy needs you.
“The game of life is a lot like football. You have to tackle your problems, block your fears, and score your points when you get the opportunity.”—Lewis Grizzard
Image by Stuart Miles at www.freedigitalphotos.net
Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, grandfather of 2, entrepreneur, insurance agent, life insurance broker, employee benefit specialist, salesman, sales trainer, recruiter, public speaker, blogger, author and team leader with over 31 years of experience in sales and marketing in the insurance and beverage industries.