A Client Who Loves to Pay Taxes??!!
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An unfortunate part of business success is having an income tax liability. And despite your best efforts of tax planning and advice, your clients may still have to pay taxes. But that's good, because tax liability is an indication of revenues, profits and business success, right?
We heard an interesting story about a a highly successful multi-million dollar a year business owned by a man with an eighth grade education. One of our friends heard him say, "I just love to pay taxes."
The business owner went on to explain that he was perfectly happy to pay his obligations, because he knew he had already done everything he could legally and morally to keep his tax payments to a minimum.
Got any clients like that? Maybe not very many, but your year-end and 2011 tax planning is a great time to discuss opportunities to reduce taxes with all of your clients.
Some ideas to explore with your clients include: - New software or business process changes - Retraining Tax Credit
- Adding employees - Georgia and Federal job tax credits
- Adding land, buildings, or equipment - Investment Tax Credit, cost segregation study, and energy incentives
- Business or product changes - Georgia and Federal research tax credits
- Large Georgia income tax liability - Georgia Film and Low Income Housing tax credits
Get your clients talking about their business (including prior years and plans for the future). There may be hidden gems of potential tax $$ savings that you can uncover for your clients!
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New Market Tax Credit
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Your clients could benefit from a tax credit they can't even take themselves! Banks and other investors can leverage the Federal New Market Tax Credit (NMTC) to provide lower cost funds to companies (such as your clients). This tax credit is intended to spur revitalization of low income and impoverished communities.
We talked with Eric Rosen, SunTrust Bank (Click here to contact him). He is involved with the SunTrust Community Capital group (click here). Here is an overview of what he had to say:
A company that qualifies can receive lower interest rate loans and/or gap financing. It must be located in designated areas (Click here for locations). The company must use the funds to create significant economic impacts, i.e., jobs, tax revenues, services for low-income persons, etc., and must demonstrate a need for subsidized financing. Funds are for a 7-year time period and can be used for numerous purposes including real estate, equipment, working capital, etc.
If your clients are looking for lower cost funding, help them find out if they qualify!
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About Us
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Alpharesults has assembled a team with the specialized knowledge and approach required to obtain Georgia income tax credits. We are not a public accounting firm. Rather, our services complement those of public accounting firms and do not create conflicted loyalties, because our professionals do not perform attestation work or other external audit functions.
We focus on small to medium-sized businesses and work exclusively in Georgia with a wide variety of in-state and out-of-state accounting firms. For more information on our services, follow this link.
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