Stan Mann Business Solutions

Business Tax Savings (No Risk Consultation) 

Business Specialized Tax Incentives and Savings That Improve Your Bottom Line

Table of contents: click on the title to read more about that topic, or simply scroll down to read topics in order

Commercial Building Tax Savings

Property Tax Reduction and Mitigation

Hiring Incentive & Employee Tax Credits

Business Development Tax Credits 

Start-up Business Tax Credits

Click Here to Calculate Your Tax Savings. Book a risk free online 15 minute appointment.

Our Tax Saving Services extend beyond those offered by most CPA and Accounting Firms. Our national team of Tax Specialists will look for improvement in cash flow, return of tax dollars spent, and future tax reductions using specialized tax incentives of State and Federal Tax Code provisions while utilizing a nationwide network of Project Managers, Engineers, IP Attorneys, Industry Specialists, Property Tax Attorneys, Accountants and Consultants.

Our specialists will work together seamlessly with your CPA or Tax Advisor to uncover these unique opportunities to optimize tax savings and cash flow for your business.

Calculate Your Commercial Building Tax Savings

We will provide an engineered based "Cost Segregation" study to secure Commercial Property Tax Savings by identifying and reclassifying personal property assets to shorten the depreciation time and reduce current tax liabilities on commercial buildings. 

Cost Segregation may result in tens of thousands, even hundreds of thousands, in increased cash flow and tax reductions resulting in the following benefits:

  • An immediate increase in cash flow
  • A reduction in current tax liability
  • The deferral of taxes
  • The ability to claim “missed” depreciation deductions from prior years without having to amend prior year tax returns.

Book a Free Online Evaluation

Our Business Commercial Property Tax Reduction services are without charge unless there is a successful outcome in the reduction of the annual property tax assessment.

Click Here to Calculate a Property Tax Reduction Estimate.

Our experienced team of professionals in Property Tax Mitigation, valuation, and assessments will work for you to identify any potential opportunity for refunds and/or reductions in your current property taxes. 

We perform all the work on your behalf until savings are captured, including representing you in hearings and filing necessary paperwork. We act as an extension of your company.

The potential immediate benefit for business owners of a property tax mitigation initiative is a property tax reduction in taxes owed and the potential of refunds on prior taxes paid. The future benefits would similarly be a reduced tax burden going forward, producing an increased cash flow for your business.

Property Tax Reduction Through Mitigation

The single largest recurring charge for business commercial property and business owners, outside of income taxes, are property taxes. Most states require business owners to pay taxes on both their real estate as well as their personal property. These charges are often a substantial expense and a constant drag on profitability. 

To ensure that you are not being overcharged on your property taxes, an industry specialist with extensive market experience in valuation, tax, and law should be retained. 

We are affiliated with an experienced team of professionals in mitigation, valuation, assessments, and law. Our partnered team members will work with you the business owner to identify any potential opportunity for refunds and/or property tax reductions in your current business property taxes. 

All of the work will be on your behalf until savings are captured, including partaking in hearings and filing necessary paperwork. Our team acts as an extension of your company toward the governing property tax bodies. 

Who Qualifies for the Property Tax Reduction Program?

Any Commercial Property Owner who pays over $30,000 per year in Real or Personal Property Tax is worthy of a free review to determine potential property tax reduction opportunities. Industries that are more likely to have success are: Automobile Dealerships, Hotels, Retirement Homes, Manufacturing, Retail Plazas, Restaurants and Office Complexes.

The immediate benefit is the reduction of business property taxes owed and the potential of property tax refunds on prior taxes paid. The future benefits would similarly be a reduced tax burden going forward, producing an increased cash flow for the business.

Getting Started

A simple meeting with us will get the ball rolling. You will need to provide your most recent property tax assessment as well as an authorization for us to work on your behalf. Our team will then go to work for you! When a savings/refund is secured for you, fees will simply be a percentage of what you receive as a result of their work. 

There is no charge to you the owner if there is not a positive outcome. 

Are You Getting All the Employee Tax Credits You Deserve?

Our software searches hundreds of local, state and federal tax credits in real time...every time... helping you to find the following tax benefits:

  • WOTC (Work Opportunity Tax Credits)
  • Manufacturing Payroll credits
  • Technical Job Tax Credits
  • Enterprise Zone Credits
  • Startup Tax Credits
  • Small Business Tax Credits

Activate our New Hire and Employee Tax Credit Software. Coverage starts at $19 per month for 9 or fewer new hires processed annually. When there is a successful application of the credit the fee is 15% of the WOTC tax credit when applied.

Be sure to immediately enter all of your current employees into our software system to check for tax credits that you may be missing. If we do not find tax credits for you, just cancel the month-to-month service agreement.

When hiring "new" employees enter their information before you place them on your payroll to qualify for WOTC tax credits. You will know within hours if they qualify.

LEARN MORE ABOUT WOTC

WOTC stands for the "Work Opportunity Tax Credit" and is not one, but several tax credits, given to employers at a Federal level for hiring qualified employees. Annually, employers claim over $1 billion in tax credits under this program. The tax credit is a direct credit against your federal tax bill. 

The average credit per qualified new hire is $2,400. For example, if you hire 10 new employees per year and 3 qualify you have an estimated $7,200 tax credit. Credits can be carried forward 20 years and back one year.

Our system allows you to pre-screen new hires. You know if they qualify before you hire!

Click Here for Tax Credit Sample Calculations with WOTC  

In addition, our proprietary software will screen present employees already on your payroll for additional tax credits not related to WOTC. There are a multitude of local, state and federal tax credit programs that we monitor when you use our software program.

Tax credits are superior to deductions thereby resulting in higher tax savings. Tax credits provide a dollar-for dollar reduction of your income tax liability. This means that a $10,000 tax credit saves you $10,000 in taxes. On the other hand, tax deductions lower your taxable income and they are equal to the percentage of your marginal tax bracket.

The purpose of a tax credit is to give a business an incentive to act (or not to act). In the case of hiring new employees there are certain targeted groups that provide a tax credit to the employer. That credit becomes a dollar for dollar saving against the employer's tax bill.

What We Do for You With WOTC

If you are not completing a form 8850 for every new person that you consider for employment, you are not taking advantage of this tax credit. Even if you are completing form 8850, you risk administrative obstacles that may cause you to miss the 28 day filing deadline. You also risk the prospective new hire not fully disclosing necessary information to secure the credit. Our national database cross checking will alleviate this potential problem. 

If you are our client, you have the benefit of a proprietary electronic software process that is far more efficient. The filing of form 8850 is completed along with all the other paperwork and steps necessary to complete the full application process, and retrieval of all Work Opportunity Tax Credits available.

For WOTC we do the paperwork by a "power of attorney" granted to us by you, the Employer. We take the pre-screen information from the potential new hire electronically and send the prospective new hire an email to return to us the pre-screening information. We take care of IRS Form 8850, ETA Forms 9061, 9062, 9175, 9058, and/or Form 9065 as necessary, and IRS Form 5884. We only require quarterly payroll reports from the Employer to track work hours by qualified applicants. We do all the heavy lifting. 

We work seamlessly with your current CPA or Accountant and there is no limit on the number of individuals an employer can hire to qualify to claim the tax credit. 

Using the Right WOTC Service Provider

The benefits of the Tax Credits are only as good as the method employed in processing the application for the tax credit. There is only a 28 day window for submission of Form 8850 to the state workforce agency of the state in which the business is located. To help meet this criteria Stryde/GMG WOTC Software allows for immediate application onsite at the time of the new hire interview. We are the only provider that pre-screens your new hire applicant.

Another potential obstacle involves whether the proposed new hire answers the questions with complete candor. GMG's proprietary process will address this issue while maintaining the privacy of the applicant.  

The GMG online Client portal allows for a simple interface that any size company can take advantage of to avoid the paperwork, tracking, and submission headache that come with managing the WOTC program on their own.   

What are the Benefits of WOTC

WOTC allows employers to claim a credit against their federal income tax liabilities for qualified employees. WOTC can also be used to offset AMT (Alternative Minimum Tax). Employers generally can earn a tax credit equal to 25% or 40% of a new employee’s first-year wages, up to the maximum for the target group to which the employee belongs. Employers will earn 25% if the employee works at least 120 hours and 40% if the employee works at least 400 hours.

The average benefit per employee is $2,400.00 and can be as much as $9,600.00. That means potentially 10 qualified new employees could yield a federal income tax credit between $24,000 and $96,000. Additionally, WOTC credits may be carried back one year and carried forward 20 years. 

Target groups for benefits include TANF and SNAP recipients, Veterans, the unemployed from 4 weeks to 6 months or more, designated community residents, vocational rehabilitation referrals, ex-felons, service connected disability and summer youth employees. 

The complete understanding and processing of necessary information can be complex and time consuming and, in some cases, cause the 28 day deadline to be missed unless handled properly. Our expertise and high-quality service makes the complex simple and profitable for your business.

Additional Employee Based Tax Credits

In addition, there are a multitude of State based Job Creation Tax Credits that small and mid-sized companies frequently overlook. Most employers fail to realize the full extent of credits available through a multitude of enactments, at both the federal and state levels including: Manufacturing Payroll Credits, Technical Job Tax Credits, Enterprise Zone Credits, Startup Business Tax Credits, and Small Business Tax Credits. 

Fortunately, our service has the expertise and capacity to evaluate on a real time basis the status of all your employees, present and prospective, to match them with the Tax Credits available. Click here to evaluate your potential credits.

How We Reduce Your Tax Bill

The following is the process that is implemented for you:

  1. Job candidates answer a few simple questions using our proprietary software
  2. You receive instant feedback on potential Local, State, and Federal Tax Incentives
  3. Upon hire we automatically submit the necessary paperwork for approval
  4. Once approved we provide the necessary payroll documents to receive the benefit

From our experience the vast majority of companies are either not taking these types of tax incentives at all, or they are taking only a small fraction of what is available. The average credit is $2,400 per new hire. For example, if you hire 100 new employees and 30% qualify for the credit, your tax credit is $2,400 x 30 = $72,000 in tax credits. Credits are a dollar for dollar offset on your tax bill. These credits can be carried back one year and forward 20 years.  

Stryde/ GMG (Growth Management Group) provides a seamless proprietary software information capture and processing system to relieve you of the burden and inefficiency in retrieving WOTC tax credits. 

Our software system will quickly identify those potential new employees who qualify and assure that your tax professional files promptly and accurately for your credit. Our efficient system and fair pricing will increase your HR's productivity and your company's bottom line. Contact Us for No-obligation Consultation

Hiring Incentives History

Hiring Incentives have been a part of our country’s infrastructure since the early 1940’s. At that time most Hiring Incentives were focused on Veterans returning to work after periods of service. There was a dramatic expansion of Hiring Incentives in the late 1990's and throughout the 2000's as "Job Creation" became the focus for Hiring Incentives.

Tax Study

Dollar for dollar credit against taxes owed or previously paid carry forward credit for future profitable years and create immediate increase in company cash flow. Credit average is over $25,000 per $1,000,000 in total company payroll

Click Here to Calculate Your Business Development Tax Credits 

 How a Research & Business Development Tax Study is Conducted

Our service partners utilize a team of highly qualified professionals including IP Attorneys with engineering backgrounds and adheres to the Comprehensive Project by Project Approach methodology as required by the IRS. 

By following this methodology, every applicable employee is qualified with activity, hours spent, and corresponding wage paid, in order to maximize the incentive for our clients. Every applicable section of the code is strictly adhered to and first-in-class documentation to substantiate our findings are provided.

Who Qualifies for the Business Development Tax Credit

Who and what qualifies as research and development (R&D) is much broader than most realize. Activities and costs related with developing or improving a product and/or process often qualify for R&D tax credits. Furthermore, engineering, design, testing, and programming are now included as Qualified Research Activities (QRE). Industries that most commonly qualify are:

      • Manufacturing
      • Fabrication
      • Engineering
      • Software Developers
      • Chemical
      • Tool & Die
      • Machine Shops
      • Plastics Manufacturers
      • Pharmaceutical
      • Biotechnology
      • Food Sciences/Manufacturers

What Qualifies for the Business Research & Development Tax Credit

If your company is involved in any of the following activities, you may be able to claim the R&D Tax Credit:

  • Developing an innovative product that is new to the market
  • Engineering and designing a new product
  • Conducting research aimed at discovering new knowledge
  • Searching for ways to apply new research findings
  • Designing product alternatives
  • Evaluating product alternatives
  • Introducing significant modifications to the concept or design of a product
  • Designing, constructing, and testing pre-production prototypes and models
  • Engineering activity to advance the product’s design to the point of manufacture
  • Utilizing systems processing modeling
  • Conducting system and functional requirements analysis
  • Utilizing integration analysis
  • Experimenting with new technologies
  • Experimenting with new material and integrating the material to improve manufactured products
  • Engineering to evaluate new or improved specification/modifications in terms of performance, reliability, quality, and durability
  • Developing new production processes during prototyping and pre-production phases
  • Conducting research aimed to significantly cut a product’s time-to-market
  • Conducting research aimed to obtain more efficient designs
  • Developing and modifying research methods / formulations / products
  • Paying outside consultants / contractors to do any of the above activities

Getting Started

An initial consultation is done over the phone with an R&D Specialists to identify potential Qualified Research Expenditures (QRE). If qualifications are identified, an authorization page is collected to begin working on the client’s behalf. No fee is charged until credits are identified and utilization is verified with the client’s accounting representation. Contact Us to get started.

R&D Tax Credit History

The Research and Development Tax Credit was enacted in 1981 to encourage American investment in innovation. Manufacturers and other technical based operations often qualify for lucrative tax credits based on qualified activities.

The Manufacturing Incentives benefit is a Federal program designed for Companies that perform Manufacturing in the U.S. This program is listed under Section 41 or the IRC (Internal Revenue Code) and continues to be amended on an annual basis as the U.S. Manufacturing landscape continues to evolve. This is an engineered based program that focuses on a company’s operations and processes in order to determine their qualification for incentives. The Manufacturing Incentives benefit provides an avenue to receive tax money back from prior years while also reducing current taxable income on a dollar-for-dollar basis.

Startup Company  Tax Credits —The PATH Act of 2015

On December 18th 2015, the "Protecting Americans from Tax Hikes" (PATH) Act was signed into law by President Obama. This law makes billions of dollars in incentives and cost reduction programs available to Startup Companies. The PATH Act instituted the most sweeping tax code changes in 33 years.

Startup Companies Now Qualify

The definition of a Startup under the PATH Act is simply, any company formed within the past 5 years with gross receipts less than $5M in 2016.  

Qualifying businesses may capture up to $250,000 of incentives and tax credits annually and be able to claim credits against payroll taxes. Companies that don't meet these criteria still qualify for Federal Tax Credits under the PATH Act with the expanded R&D Tax Credit. Sole Proprietorships can qualify if the individual meets the gross receipts test with respect to all trades or businesses.

Startups that can claim the credit come from a variety of industries, all of which are making incremental improvements to their products. These industries include the on-demand economy, big data, chemistry, agriculture, technology, software, manufacturing, wine, oil & gas, aerospace subcontracting, pharmaceutical, and biotech. Basically, any company that is designing new products could take advantage of this. 

Startup and Tech companies due to their nature should take advantage of Specialized Tax Incentives that are available to offset tax liability. GMG's expertise lies in programs such as the R&D Tax Credit, Cost Segregation, Hiring Incentives and Property Tax Mitigation. Programs that prior to the PATH Act were out of reach for small to mid sized companies are now attainable for Startups.

Benefits

Small businesses qualifying under The PATH Act can capture the R&D tax credit within the immediate tax year against payroll taxes, AMT, or Federal Income Taxes. A Small Business qualifying under The PATH Act with a payroll of $250,000 would normally have to pay $15,500 in FICA. The available (estimated) Start-up Tax Credit of $16,000 would offset their tax liability 100%.

Contact Us to get started