No need take any extreme measures when it comes to your taxes.
Even if you have already filed your 2008 business or personal tax return it is not too late to get some of your prior taxes back. If you have extended your 2008 returns – read on and make sure you are not overpaying your state and federal taxes – since most taxpayers do.
Please scan through this entire blog and the "Library" Section of this site to find hundreds of tax refund opportunities for businesses as well as individuals.
With tax developments at both the federal and state level, it is time to make sure that you pay no more than your fair share of the growing tax burden. I'm sure you can put your hard earned dollars to more effective use than the government – so get educated on all the existing, legitimate tax breaks available to you and your business.
Nationally, over 20 percent of businesses have one or more locations that fall within a Location Based Investment Credit (LBIC) zone and of this eligible pool of businesses, less than 10 percent of these qualifying companies actually claim the benefits they are entitled to. As a result, CPAs, CFOs and tax directors have an excellent opportunity to dramatically increase shareholder value by taking advantage of the valuable tax incentives. Since the federal programs allow up to three years of amended return refunds and many states also allow retroactive benefit claims, immediate tax advantages can be secured along with favorable EPS impact.
These benefits range from $500 to $15,000 per employee, depending on the specific state and federal program.
In addition to these location-based credit programs, there are a number of federal programs which apply to virtually any business. These programs include the Work Opportunity Tax Credit (WOTC) and the Welfare-to-Work (WtW) programs which can generate federal hiring credits ranging from $2,400 to $8,500 per qualified employees. The 2009 federal Stimulus Package and California Budget Package expanded these programs even further.
These programs apply to a fairly wide range of employees, including many veterans, laid off/ unemployed candidates and those individuals with economic or medical challenges.
These programs are seldom accessed by taxpayers due to their unfamiliarity with the program specifics. The significant tax reductions (including refunds) available under these programs should encourage every employer to start utilizing these state and federal programs immediately.
In addition to saving taxes, by hiring these economically challenged individuals, employers are contributing to their community. Download Focusing on Unemployment 12.2008
Click here for my various 2009 CNN News Reports on the Stimulus Package, Tax and Economic Issues: http://www.hcvt.com/media.aspx
Download 2009 AICPA Top 10 Tips for Tax Planning
Click below to see our proprietary tax credit software and save taxes in any state:
http://tax.cchgroup.com/FlashDemos/tzl/main.htm
See a video of our slick software that will tell you the hidden tax benefits for any address in the U.S.
Below are a number of links and articles that explain the state and federal program benefits:
http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2008/CorpTax/EZstreet.jsp
Steering Tax Life on 'EZ' Street
With combined federal and state burdens often in the 40 percent range, a material reduction in a company's tax rate can produce significant savings.
http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2008/CorpTax/Tax_Burden.jsp
State Tax Burden
More taxing than you might think. SALT in the wound?
Download Urban Success Mag Tax Break article
Urban Success Magazine Article (No Urban Legend Here – Tax Benefits are Real)
Download Hire a Hero 19May08
Hire a Veteran – Save Taxes While Changing a Life
Download 2009 AICPA Top 10 Tips for Tax Planning
