Financial advisors and tax professionals with small business owner clients should ensure they have considered every possible break that could help the bottom line, according to one expert.
The
Baynes often suggests that small business owners speak with a certified public accountant or another professional about breaks, credits or incentives available to them in the tax code in addition to or in lieu of getting a loan after hearing “their actual pain points,” he said in an interview.
“Businesses come to us all the time because they’re looking to grow and expand,” Baynes said. “More of them than not are not aware that these types of credits exist, and they’re not asking the right questions to their financial planners, CPAs and accountants.”
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A package of extensions of breaks and credits for
Strategies
“Is your small business looking to downsize to new digs now that you have more employees working remotely? Or have you returned full-time to your existing business premises?” the blog read. “In either case, you may find that some renovations are needed to bring the place up to code. If your business makes specific accommodations for disabled individuals, you may qualify for a sizable tax credit. In fact, the disabled access credit may essentially cut the costs of some renovations in half.”
Research and development tax credits, green energy incentives, employer breaks and state and local programs are a few of the “commonly overlooked” areas for many business owners, according
“Are you leaving easy money on the table? Probably — in the form of unclaimed
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Small business owners speaking with a professional from any field that affects their company should be sure to “pick their brain about what’s going on currently with your business” to see what may apply to their situation, Baynes said. His “biggest advice to business owners” is that, “If you don’t ask, you won’t find out,” he said.
“You need to be inquisitive with the people that you work with and the people who specialize in these things,” Baynes said. “I’ve always thought that you don’t get things in life unless you speak up and advocate for yourself. So I think that goes for business owners as well.”
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