Your accountant is your best asset… but not your only asset. These days, you need every possible tax advantage and credit you can get. The tax credit specialists at DCI Solutions are respected and endorsed by many CPAs and Directors of Tax. Here’s how we produce large tax reductions and refunds…
- Reduce Federal Tax with Hiring credits – There are many types of hiring credits that can offset your tax burden but one credit most employers are not optimizing is the “Work Opportunity Tax Credit” or “WOTC”. If you hire 20 new employees per year this credit will reduce your federal tax by thousands of dollars. There are multiple ways the U.S. Department of Labor lets an employer reduce their income tax liability with this credit. Because the IRS Form 8850 must be complete in every detail and postmarked within 28 days of hire date it is very advisable to outsource this work to experts who can assure you it will be done right. DCI guarantees that 95% of eligible new hires are screened effectively for this credit and we can do so without straining your H.R. resources.
- Sales Tax Refunds – As a way of reducing their own liability, vendors charge too much sales tax. Knowing what to charge and when to charge is hard for them and hard on you. In larger companies it is nearly impossible for your accounting team to catch every instance where you have been mischarged. Many retailers pay tax on items that later will be charged a second time at the register, thus creating a double taxation event. (Ex. a restaurant will be charged sales tax on drinking straws or children’s placemats or a clothing retailer will be charged sales tax on clothes hangers, etc). There are literally hundreds of events like this where mistakes are being made that are costing you bottom line profits. DCI identifies wrong charged sales tax and produces substantial refunds. Midsize companies often receive tens of thousands in refunds.
- State Tax Credits – In addition to capturing overcharged tax, you need to recapture under-claimed tax credits. Within each state there are unique tax exemptions that are not well known but very profitable for your company. These credits can be claimed on acquisition of material resources as well as human resources.
Example #1: If you’re a manufacturer in certain states, you might be able to get the tax on your utility consumption waived. A large energy user can often realize hundreds of thousands in savings this way.
Example #2: If you have a net increase in hires in certain states we might be able to reduce your state income tax burden. Such credits are available in Florida, North Carolina, and many other states.
Example #3: If you are a retailer with locations in certain states, you might be eligible for property tax exemptions, often worth tens of thousands per location.
A company with over 500 employees has a good probability of getting multiple tax credits and refunds.
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