Tax season always feels like a headache, right? Taxes may be a major hassle because of the piles of paperwork and the sense that you’re paying more than you should. But here’s the twist: what if we told you that there is a method to keep more money in your company, lower your tax burden, and still maintain IRS compliance?
Not a joke! You may accomplish all of that and more if you use the appropriate tax advisory services. Your personal financial superheroes, such as tax advisors, can help you avoid overpaying and find undiscovered opportunities that could significantly improve your bottom line, such as the Research and Development (R&D) Tax Credit.
Let’s break it down and demonstrate how tax advisory services can put your company on the correct track to financial success and help you save a significant amount of money.
What Are Tax Advisory Services, and Why Should You Care?
Tax advice services are similar to having a reliable adviser who helps you navigate the constantly shifting tax code and save money. Consider them your legal, astute, and cost-effective tax partners-in-crime!
Here’s how they make a difference:
- Expert guidance: Tax laws are complicated, but your advisor knows the ins and outs and keeps you updated on the latest changes.
- Find hidden savings: They’ll help you identify tax credits or deductions you didn’t even know existed (we’re talking about credits like the R&D Tax Credit).
- A plan that works for you: Every business is different, and a good advisor will tailor a strategy to suit your specific goals and needs.
Simply put, a tax advisor is there to keep more of your money where it belongs—in your business.
How Tax Advisory Services Can Help You Save BIG
Wondering how tax advisory services can actually help your business save money? Here are a few powerful ways they make it happen:
1. Unlock the R&D Tax Credit: Big Savings for Innovation
Good news if your company designs, develops, or manufactures new goods, services, or processes. You may be eligible for the R&D Tax Credit, which is among the best-kept secrets in the realm of corporate tax savings.
Here’s why the R&D tax credit is so incredible:
- It’s not just for tech companies! Whether you’re in manufacturing, engineering, or any other industry, if you’re improving your products or services, you’re probably eligible.
- Huge savings: We’re talking about $50K to $ 500 K+ in credits. Think of how much that could help your cash flow!
- Retroactive: Don’t worry if you missed out on the credit last year. You can apply for up to three years of back claims, which means you could get a refund for past innovations.
A tax advisor will help you pinpoint all the qualifying activities in your business and maximize your claim. You’re leaving money on the table if you’re not already taking advantage of this!
2. Cut Payroll Taxes with Section 125 Plans
Offering benefits to employees is usually a good idea, but did you realize that you can also reduce payroll taxes? Offering excellent benefits to employees without raising your tax liability is possible with a Section 125 plan, also referred to as a cafeteria plan. Here’s how:
- Pre-tax benefits: Pre-tax money is used by employees to pay for items like daycare and health plans, reducing their taxable income.
- Save on payroll taxes: You also get to save on your business’s payroll taxes because employees are contributing pre-tax income.
- Simple & compliant: Your current benefit programs won’t be affected, and it complies with IRS regulations completely.
Everyone is pleased, your tax burden is reduced, and your employees receive fantastic benefits!
3. Say Goodbye to Merchant Processing Fees
If you accept credit cards, you’re probably paying hefty merchant processing fees—but guess what? You don’t have to! With programs like cash discounting or dual pricing, you can eliminate those fees completely.
Here’s how it works:
- Cash discount program: Give clients a discount if they pay with cash, and charge processing fees to credit card users.
- Dual pricing: You can charge clients who pay with a card a little bit more to make up for the fee if you have varied prices for different payment methods.
The best part? These programs are super easy to implement, and a tax advisor can help you roll them out while keeping everything compliant.
Why Should Your Business Use Tax Advisory Services?
You might be thinking, “Sounds great, but why should I pay for this service?” Fair question! Here’s why it’s a smart investment for your business:
1. Save Money & Reinvest in Your Business
The more money you save on taxes, the more you can use to expand your company. You may use that money to improve your products, hire more employees, or grow your business.
2. Avoid Costly Mistakes
Errors in taxes can be costly. A minor error could result in fines, penalties, or even an audit by the IRS. You’re in good hands and can steer clear of these expensive mistakes if you have a tax counsel on your team.
3. Custom Tax Strategy for Your Business
No two businesses are alike, and neither should their tax strategy be. A tax advisor will tailor a plan specific to your goals, helping you save the most money while staying compliant with the IRS.
How Renaissance Advisory Can Help You Save Big
At Renaissance Advisory, we don’t just talk about saving money—we make it happen. Our team of tax experts specializes in strategic tax-saving services like R&D tax credits, Section 125 plans, and even eliminating merchant processing fees.
And because we’re 100% contingency-based, you don’t pay us unless we save you money. It’s that simple. We’re all about real results, and we’re here to help your business thrive!
Conclusion: Start Saving Today
Your business doesn’t need to suffer through high taxes and hidden fees. With the right tax advisory services, you can reduce your tax burden, unlock hidden credits, and keep more money in your business. Whether it’s claiming the Research and Development tax credits, optimizing your payroll taxes, or slashing merchant fees, the opportunities to save are there—you just need the right partner to help you find them.
Ready to Start Saving?
Don’t wait—talk to an advisor today and see how our tax advisory services (including Research and Development tax credits) can help your business reduce its tax burden and boost its financial health.
Book your 10-minute consultation now and find out how much you could be saving!