David McMillan on why you're missing out on thousands
Tuesday, April 26th, 2011
David McMillan of McMillan and Associates is back this week to talk about why you're missing out on thousands of dollars for your company, thousands of dollars in savings and refunds in the form of federal tax credits. Federal tax credits often go unheard of and often missed opportunities for small businesses to take advantage of.
Hi, I’m David McMillan with McMillan and Associates and today I want to talk to you about why you’re missing out on thousands of dollars for your company. The Federal Government and the State Government has different economic development programs to stimulate the economy in certain areas of the state or around the country. One of the main reasons you do not hear about federal tax credits is because the Federal Government doesn’t market these programs to companies. On the state side, unless you’re a very large new business coming into the state, you will not hear about all of the tax credits that are available to you because the states don’t have individuals to market these programs to companies. One of the other main reasons companies don’t know about tax credits is because CPAs most of the time do not handle these tax credits and incentives that are out there. We get asked very often at McMillan and Associates, “doesn’t my CPA handle this?” Well unless your CPA’s asking what training programs you’ve done this year or how many jobs you’ve created, the answer is no, and you’re missing out on thousands of dollars for your company.
First of all, CPAs aren’t aware of all the tax credits that are out there. For example, there are 28 different federal tax credits and each state has somewhere between 20 or sometimes up to 40 different tax credits and CPAs don’t have the expertise and the ability to handle all the requirements and documentation for those programs.
For more information about the specific tax credits in your state, contact us at MCATaxCredits.com.
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