Are you preparing your business for success despite the current workplace and economic disruption?
As a business owner, you already know firsthand that even in the best of circumstances, building a thriving enterprise is challenging. Like most entrepreneurs, you probably have a list of specific talents and skills that help drive the company's vision and overall success. Still, most corporate leaders recognize that they don't have the necessary experience (or time) to be an expert in everything needed to hit deliverables and revenue projections; it's crucial to align the right resources to keep your company moving in the right direction.
The same holds true in today's rapidly changing economy. The coronavirus has significantly impacted businesses of every size and scope, causing disruption in several unexpected ways. COVID-19 has even affected tax season; the federal government recently extended the April 15th deadline until July 15th for both filing and paying 2019 income taxes. As a result, entrepreneurs across a diverse range of industries have recognized the benefits of partnering with a trusted tax advisor to help grow their business in the current marketplace temperature. Not to mention, help them navigate through the $2 trillion stimulus package.
Know the Benefits of Working with a Trusted Tax Consultant to Protect Profit Margins
Many small business owners attempt to manage their taxes themselves in an effort to save money. However, partnering with an experienced team of tax professionals that both understand your business and your long-term corporate vision can make a significant difference in overall return on investment, in myriad ways.
Company executives recognize that direct expenses and employee payroll represent two of the most substantial expenditures for their enterprises. However, a qualified CPA understands that tax expenses can also play a major role in how much a business spends (or saves) in a given year.
Tax law comprises the biggest single body of law in the U.S. It's virtually impossible for any given CPA to know every Internal Revenue Code – which isn't a bad thing. The country's extensive legislation makes it necessary for tax professionals to specialize in a specific vertical, making them subject-matter experts in a category of tax law. Many times, it requires a tax specialist in tax incentives to harvest available tax credits and cash flow opportunities.
Your CPA Can Help Your Company Grow
U.S. tax incentives are explicitly designed to help U.S. businesses go head-to-head with both local and international competitors. However, many organizations miss out on cash-infusing tax credit opportunities simply because they don't know these benefits exist. For example, the research and development tax incentive can prove a lucrative way for qualifying companies to increase final profit margins.
Unfortunately, every year, businesses in a diverse range of industries fail to claim their eligible research activities. They then essentially miss out on relevant returns, simultaneously increasing final tax burden while decreasing potential cash flow and growth opportunities. That's where a specialty tax advisor steps in. Your chosen partner will carefully assess your current business operations to identify incentives your company could claim for optimal business value.
Contact Acena Consulting Today
Acena Consulting recognizes that today's business owners can't effectively prioritize core business operations and tax credits. Our tax specialists partner with entrepreneurs and financial professionals, leveraging our extensive tax insight to ensure our clients receive the maximum possible benefit on every operation. Contact us today to learn more.