Why You Need a Strong Financial Plan

A solid financial plan is not just a document – it’s your roadmap to achieving your goals. Whether you’re a business owner looking to expand operations or an individual aiming for financial freedom, a well-structured plan helps you:

Regularly Review to Understand where you stand financially:

Financial analysis sheds light on your current situation, identifying strengths, weaknesses, opportunities, and risks. Conducting this review regularly, like semi-annually ensures your plan stays current with live events and your evolving goals.

Set clear, realistic goals:

A good plan outlines short- and long-term objectives, guiding your decisions and keeping you on track.

Prepare for challenges:

First put a strategic plan in place. Then you’ll be better equipped to handle financial challenges including unexpected expenses, market changes, or economic downturns.

At Americore Group, we believe that understanding and loving your financial situation starts with these fundamentals. Our team of experts is here to help you make sense of the numbers and turn your goals into actionable strategies.

How Americore Group Can Help You Love Your Financial Situation

At Americore Group, we take pride in offering services designed to empower you to take charge of your finances. Here’s how we can help:

1. Comprehensive Financial Analysis

Our financial analysis digs deep into your current financial situation, whether for personal or business purposes. We analyze cash flow, expenses, revenue streams, and profitability to offer insights that matter. By identifying areas of strength and improvement, we provide you with a clear picture of where you stand—and where you can go.

2. Strategic Planning

A great financial plan isn’t just about numbers; it’s about strategy. Our team helps you create a roadmap tailored to your unique goals. For businesses, this includes strategies for growth, operational efficiency, and profitability. For individuals, this may involve debt reduction, retirement planning, or wealth-building strategies.

3. Access to Financial Programs You Will Love

Navigating financial programs—whether loans, grants, or investment opportunities—can be overwhelming. Americore Group simplifies this process by connecting you with the right programs to fit your needs. Our knowledge of financial tools and resources ensures you’re fully equipped to make informed decisions that align with your goals.

The Result? A Financial Situation You’ll Truly Love

Imagine waking up each day knowing that your financial plan is working for you, not against you. That’s the feeling we aim to deliver at Americore Group. With the right guidance, tools, and strategies, you can stop worrying about your finances and start loving the possibilities they bring.

Our clients often tell us how transformative it feels to have a solid plan in place. Business owners no longer lose sleep over cash flow concerns, and individuals feel confident about their financial future. That’s the power of loving your financial situation—it’s not just about the numbers; it’s about peace of mind, security, and opportunity.

Start Your Journey with Americore Group Today

Your financial situation doesn’t have to be a source of stress. With Americore Group, you can build a business or financial plan that makes you feel empowered, confident, and ready to face the future. Let us help you fall in love with your finances.

Contact us today to learn more about how we can strengthen your business or financial plan. Together, we’ll turn your financial goals into reality.

Meanwhile, what we included here is a reminder of general things to review and update before the end of the year using programs designed to help reduce business tax obligations. 

Types of Tax Credits  

Tax credits can be applied against the tax liability of a business for the tax year in which the contribution was made. Examples include the Work Opportunity Tax Credit (WOTC), which provides incentives for hiring individuals from specific target groups and the Educational Improvement Tax Credit Program (EITC), which allows businesses to receive tax credits for contributions to educational organizations. 

Work Opportunity Tax Credit (WOTC) 

The WOTC is a federal program that provides tax credits to businesses that hire individuals from specific target groups, such as veterans, ex-felons, and individuals receiving certain government assistance. It is designed to reduce barriers to employment those groups regularly face. Eligible employees must begin work before the end of the year for the employer to qualify for the credit. 

Educational Improvement Tax Credit (EITC) 

Tax credits to eligible businesses contributing to a Scholarship Organization, an Educational Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization. If you haven’t already applied, November may be too late to begin the process to benefit from the EITC program by year end. It does, however, give you time to evaluate your business’ eligibility and the program’s value to your company in 2024. Contact Dennis Bays for more information. 

Federal Solar Tax Credit 

For example, businesses with solar PV systems can benefit from the Federal Solar Tax Credits, which provide a greater immediate reduction in federal tax liability. A solar PV property that started construction in 2023 is eligible for a 30% ITC, so when the tax basis is $1,000,000, the 30% ITC reduces tax liability by $300,000. 

Other Energy-Efficient Equipment Tax Credits 

Some areas provide tax credits for businesses that invest in energy-efficient equipment. This could include items like solar panels, as well as energy-efficient HVAC systems, and more. 

Section 45Q Tax Program 

The Section 45Q tax credit is a federal program that provides incentives for carbon capture and storage projects. It is designed to encourage businesses to invest in technologies that reduce greenhouse gas emissions. The credit can be used for hard-to-decarbonize industrial applications, direct air capture, and retrofits of existing power plants 

Research and Development (R&D)  

Some countries offer tax credits to businesses that engage in research and development activities. If your business invests in innovation and development, check whether you qualify for R&D tax credits. 

Depreciation Expenses 

Straight-Line Method of Depreciation 

Businesses use IRS program of depreciation expense to reduce their taxable income. Through depreciation, a business will “expense” a portion of a capital asset’s value over each year of its useful life. Tracking the depreciation expense of an asset is important since you are essentially spreading the cost of the asset over its useful lifetime. In the straight-line method, you compare cost of asset minus salvage value divided by useful life. 

Section 179 Depreciation 

In the United States, the Section 179 deduction allows businesses to deduct the full purchase price of qualifying equipment and/or software bought or financed during the tax year. This deduction is subject to an annual limit, so it can be beneficial to take advantage of this provision by buying necessary business assets before the year-end. 

State-Specific Programs Credits and Deductions 

Many states offer tax incentives and credits to businesses that meet certain criteria or are in certain sectors. These incentives can vary widely depending on the state and may include programs for job creation, investment in specific industries, or research and development activities. Because there are large variances state-by-state, you need to refer to your own state offerings. 

Industry-Specific Tax Saving Programs  

Some government programs are tailored to specific industries or sectors. For example, the Federal Solar Tax Credits provide incentives for businesses that invest in solar energy systems. Another example of an industry section incentive is the “Pine Tree Development Zone Program (PTDZ)”. PTDZ in Maine provides tax benefits to businesses that create new, quality jobs in a specific sector.  

Businesses in other industries may have access to similar programs that offer tax credits or incentives for adopting specific technologies or practices. It’s important to note that the eligibility criteria, application processes, and availability of these programs may vary. Businesses should consult with tax professionals or accountants to determine the specific programs that apply to their circumstances and to ensure compliance with all requirements. 

Charitable Contributions  

Donations to qualified charitable organizations can be deducted from a business’s taxable income. By reviewing their projected tax bill for this year, businesses can decide whether it would help to make tax deductible charitable contributions. By making these contributions before year’s end, you may reduce tax obligations while supporting causes you care about. 

Employee Benefits

Employee Healthcare initiatives  

Healthcare initiatives can contribute to the overall well-being of employees by providing access to preventive care, health screenings, and wellness programs. Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are another way to take care of your employees for the year.  

Contribute to Employer Retirement Plans 

Contributing to employee retirement plans, such as a 401(k) or SEP-IRA, can provide businesses with tax advantages. Check the contribution limits and ensure you’ve maximized contributions before the year-end. 

Businesses should consult with financial, tax and accounting professionals for guidance on specific programs and strategies most beneficial in their situation. Tax laws are subject to change, and a professional can supply the most up-to-date and valid advice. Call our office at 747-224-8110 or contact us here.Tell your Americore representative what you’re looking for, and we’ll tell you how we think 

First, Let’s Clear Up Who I Am Not.

I am not the Dennis Bays warrior invite in Evansville Indiana.  While I am always impressed by people who commit to a goal and then compete to meet it, I did not create this event halfway across the country.  Don’t let that stop you this August, if you want to enter it in 2023. Also, I am not the Dennis Bays in Ohio who is a tank inspector.  Good work, Ohio Dennis Bays; keep it up.  And though as an owner of my own firm, I too sometimes feel like chief bottle washer, I am not the Dennis Bays with that job description.  That Dennis Bays is in Washington in the oil and energy industry. 

Now Lets Cover Who I Am.

I am the Dennis Bays of Americore Group in Agoura Hills, CA who runs a Financial Advisory Firm.  If you already know just what a financial advisory firm is, go on to the next paragraph.  I get this question a lot, so let me just cover this to keep things straight. A financial advisory firm has expertise in one or more investment areas and provides guidance for an individual’s unique financial situation-Investopedia. Americore reviews a situation, assess multiple relevant factors and reveals an option or options that will be best for the individual or company’s overall success. 

At Americore Group, I have spent years honing my skills for helping small and mid-sized businesses discover and utilize legitimate, available funds to facilitate growing and prospering.

I Don’t Replace Your Current Consultant; I Work with Them.

Keep your current consultant team.  As a financial advisory firm, Americore does not replace your current team of advisors and consultants.  Americore, works with them.  We are interested is helping you find long term financial success and goal achievement.  To do this, we facilitate access to make-sense programs available to you.  Businesses rarely take advantage of these programs .  But Dennis Bays of Americore has spent years learning how to help businesses use these programs.

What Programs Are We Talking About?

We really should have a conversation about this.  We spend years intimately learning beneficial programs, and while they do change over time, we know their language.  With that said, many businesses don’t know how to complete the forms.  They ultimately get denied program access due to a technicality or misstatement.  Since we understand the programs, we understand the application questions and can walk you through the entire process.   

We’re Talking About Dennis Bays Personal Commitment.

For years, I’ve grown and helped sell businesses, worked with banks, CPA’s and attorneys.  I’ve funded over 150 businesses over the years, helped with exit and sell situations and with structuring sales to avoid or mitigate capital gain taxes. 

After working with businesses for decades, I have learned similar patterns and wisdom that apply to other businesses. That wisdom is probably the most valuable asset I have gained and it can benefit my clients.  I constantly discover great programs to help business owners earn more, while paying less in taxes, legitimately. My goal is to help more, because they work so hard to protect their employees, and their family, we want them to keep as much of the money they earn as legally permitted. And those funds are more than business owners realize. 

Contact us for your no obligation or cost analysis of your financial position to learn what advantages are available for your benefit. Don’t put this off.  Saving those dollars today means growth in your retirement account.

Give Them a Cash Bonus

It may cost the most, but it is still the most effective straightforward employee incentive for motivation and morale.  44 percent of workers say they would quit their jobs to earn more money at another.  Cash incentives can persuade them instead, to stay through the holiday rush.

Extra Time Off – One Of Several Employee Incentives That Motivate

When workers pull overtime hours or an incredibly long shift, even more attractive than cash in hand might be time off their feet.  The employee incentive of additional time off after the holidays can make up for the crazy hours during the holidays. It at least lets them know you recognize the hardships they endured and appreciate them.  Some employers give an extra paid vacation day or two.  Others increase sick days or give more flex time. Of these, the most popular with workers is the flex time.  CNBC reports 72 percent of workers prefer a flexible work schedule over full time in-office work.

Throw a 100% Tax Deductible Party

Did you take your holiday party virtual in 2020 and then sort of left it out in 2021?  Here’s a thought:  Offsite Holiday parties are a great opportunity to help your team relax together and build a cohesive bond, and they are usually completely tax deductible for the employer prior to January 2023.  The food does need to be purchases from a qualifying restaurant, meaning a business that prepares and serves food and drinks for immediate consumption whether on or off-premises.  This is strictly limited to meals, not to entertainment venues.

If you are confused about when the 100 percent applies, you can find the details here or call Americore to learn more about where the savings are this holiday season.

New Equipment

There are programs that can help finance new equipment, and the productivity boost is not the only benefit you’ll enjoy.  Employees working through the holidays will be more enthusiastic about straining to reach goals with new efficient equipment.  Talk to your workers to find out what their concerns are before making the final decision.  They are on the machines, and could have valuable feedback to share.

Professional Development Opportunities

Offering workers employee incentives like the opportunity for professional development can help raise morale and motivation at work.  As a reward for working through the holidays, supply chain organizations, for instance, could offer choices of development paths.  Complimentary classes, training seminar attendance or the chance to temp in another department are various motivational options.

Recognition

There’s an old phrase, praise publicly and correct privately.  By recognizing a job well done, you raise at least one employee’s morale, and create a friendly competition that leads to better performance by others as well.  The praise can be on a Bulletin board, or “Wall of Fame” or announcement, a bonus, vacation day or material prize.

Benefits That Prove An Employer Cares

If your employees have a great attitude and are performing well this holiday season, let them know you appreciate it.  It doesn’t have to be as expensive as you think.  Ask Dennis Bays about how offering healthcare benefits can not only improve employee retention, but give you cash back too.

There are many ways to let your employees know you appreciate them.  They may add to productivity and morale, but some can also put cash in your pocket.  Contact us or call our Americore office at 747-224-8110 and learn which programs can save you money too.

Financial Advisors Fight a Lack of Awareness

Though there are many programs designed to benefit small and midsized businesses, the business owners these programs were created for, often don’t know they are eligible to benefit. Others are concerned using the programs will raise red flags on their tax returns. The truth is that our government creates programs to encourage certain types of businesses, and behaviors.  Sadly, many businesses and their financial advisors remain largely unaware of the financial opportunities available.

Thought America is seen as a country built on self-sufficiency, all of us can benefit from help now and then. Why not take advantage of programs that will accelerate the growth of your business? Dennis Bays has spent a career familiarizing himself with programs that increase personal wealth or business cash flow, including growth funding. He can walk your team through options that can save money or increase your cash flow. He does this without charging anything up front. If you don’t benefit, neither does he.

Entrepreneurs are Frustrated With Application Process

Sometimes people tell us that they already applied and got denied for a certain program. Those same people tell us “It’s not worth the time and effort only to get turned down anyway.” Since many of the programs are government programs, there are forms and procedures that must be exactly followed. This is where an Americore professional like Dennis Bays can make the difference. Dennis can walk your team through the application process. He know what information is critical to the application decision process. He also knows what information the forms are requesting and how to complete them correctly. Often a denial is really just incorrect or incomplete forms. When Dennis helps with an application, the application package will be complete AND correct. He has years of experience and knowledge in this area, with a great record of Blue Apple, KNA Blue Partner program approval.

Concern Over Program Legitimacy

When we attend events, we repeatedly hear concerns that funding/incentive programs might be illegal scams, or IRS red flags. The opposite is true. There are many programs created by the government, to benefit small to midsize businesses. The federal government created these legitimate programs to encourage behaviors like hiring more employees, or offering health benefits. Federal Workforce Programs and the Employee Retention Tax Credit, subsidize critical desired employer behavior. There are also R&D programs for inventing or improving products and the manufacturing process. Funding and incentive programs are legitimate ways to save on taxes or increase your cash flow. Why wouldn’t you take advantage of a benefit designed just for you?

Assumption of Ineligibility

When times are tight, business owners may not be able to invest in research and development. There is a federal program that can help. Many business owners assumed their business isn’t eligible to receive R&D funding. That assumption is often wrong. Before you slash your budget, let’s start a conversation. A program designed with your situation in mind can take some of your burden off your shoulders. Contact us here or call (747) 224-8110 to speak directly with Dennis Bays and learn how to move your goals within your reach.

We Work With Your Strategy and Business Advisors

You and your strategy advisor work out plans, design workflows and develop projections across your business. Yet without knowing the full extent of funds that could be available for those tactics, you’ve limited your options.

Dennis Bays of Americore offers niche programs that unlock government programs funds for strategies by you and your business advisors. Best of all, you don’t have to choose between your strategy advisor and Dennis. That’s because Americore works with your business advisors to achieve your goals.  While you enjoy the right processes in new ventures, or align and optimize existing processes and resource allocation, we are working to provide the capital you need.

Added Value to Your Strategic Planners

Often Management consultants and strategic planners are MBAs with decades of corporate experience. While their expertise can be richly beneficial to small business owners, Americore brings valuable addons to enrich your growth strategizing. That’s because we have a program for that too. If your business could use some enhanced growth funding without hidden catches, it’s time to open a conversation.

We Work With Your financial Advisors

The term financial advisor has grown to include multiple facets of business.  But it still comes down to data review and projections regarding the collection of and handling of funds. The results of all that planning will be improved with better cash flow.

At Americore, we facilitate financial planning using options from unique lending services to overlooked grant and other programs.  We have freed up millions of dollars for business entrepreneurs, and want to help you too. These legitimate programs are used by fortune 500 companies, but small to midsize entrepreneurs often don’t realize they’re eligible too.

Americore is experienced with the documentation process for an incredible number of programs. Our services help businesses owners navigate the daunting paperwork required to correctly apply for the appropriate programs. Instead of a declination of funds, an Americore facilitated application turns that declination to approval. Businesses can finally access additional capital previously used only by fortune 500 firms. The difference is seasoned professionals like Dennis Bays of Americore.

How We Work With Your Tax Advisors

Stick around much and you’ll hear us repeat the phrase, “your CPA finds loopholes to benefit your business, we find programs.” Tax advisors are invaluable to small and midsize businesses for their expertise on tax legislation.  It gives them an edge to help clients plan and handle their taxes as efficiently and affordably as possible. In the course of doing that work they often use tax deductions and exemption. Americore recommends tax incentive programs that include deductions, rebates and more. For instance, have you received $2500 per employee because you offer health insurance? If not, you might want to learn more about a different kind of benefit that pushes preventative medicine while saving employers money and offering cash back.

It is one of many programs at Americore that we have become intimately familiar with in order to help your tax advisors plan even more effectively than in the past. As we said earlier in this article, we work with teams of  business advisors for many small and midsize business professionals.

Call our office at 747-224-8110 or contact us here. Tell your Americore Group representative  what you’re looking for, and we’ll tell you how we can help you make that happen.

Americore regularly works with a business’ existing team, their CPAs and Financial Planners. We also work with lenders like regional banks, investment banks, inventory and equipment lenders to bring improved liquidity to our clients’ businesses. We are a well-capitalized organization. Our nimble organizational structure offers clients and referral sources direct access to principals and decision makers.

The Entrepreneurial Spirit

Dennis comes from a family rich with entrepreneurial spirit. His father had a law firm and real estate brokerage firm among other businesses. Since Dennis Bays was a teen he has owned several of his own businesses, even while earning a W-2 salary in corporate America. Along the way, he discovered a love for the entrepreneurs of our country and has funded well over $100,000,000 for other businesses.

As for why he loves entrepreneurs, Dennis responded, “they’re the secret sauce… They create opportunities and industries; they give most of the rest of us opportunities to work. ”    

The Tax Code is NOT just for the Rich.

But many entrepreneurs seem to be facing a disparity. Taxes are considered an unavoidable liability. Still, we’ve all seen news reports of fortune 500 companies who don’t pay them. We’ve also seen billions of dollars handed out of government programs to those same big companies. The thing is, “the tax code is written for all businesses.”  And tax savings programs are NOT just for the “big guys”.

Sadly, while small businesspeople are focused on growing their small to mid-sized businesses, they miss opportunities. The fortune 500 companies have teams of professionals spending their days in finding and leveraging those same wealth building programs.

Tax Incentives for your Business

Tax incentives have become a way for the government to stimulate certain business  activities. Small businesses are often performing the same activities the rich are getting paid to carry out. Regrettably, the government is not great at promoting those programs to more businesses.

Americore makes it their business even the playing field for activities the government wants to encourage, even in small businesses. Since the government wants to foster these behaviors, they aren’t looking to punish businesses for using the related  program.

Still businesses hesitate to take advantage of available benefits. Whether it stems from unfamiliarity with the programs or incorrectly completed paperwork many entrepreneurs are missing out. By working with small to midsize businesses to correctly complete program documentation, Americore facilitates use existing program in the tax code.

As Dennis Likes to say, “CPAs help you with the [tax] loopholes; we help you with the programs.”  These are not just tax reductions or write offs. These are programs that release money set aside for certain government encouraged business activities.

Examples of Some of Dennis Bays’ Favorite Programs

You may wonder what type of activities the government rewards. You’ll be familiar with some, but we’ll go over a few anyway.

Everyone knows if you buy a house there is a mortgage interest credit. The government offers this tax break because a neighborhood with more homeowners is a more stable neighborhood than one with transient renters.

If you buy an electric car or solar panels for your home, the government will offer tax credits because they want the country to reduce carbon emissions.

For businesses who are looking for more better products or more efficient operation methods, there is an R&D credit. If you hire certain workers or have a business in a certain zip code, the government might help with your business costs.

There is also a program for employee healthcare insurance. If you offer health insurance to your employees, you can receive up to $2500 a year per employee.

These are just a few of many more programs out there, designed to encourage certain behavior.

Americore can help your business benefit from many of the same programs the “big guys” use. Call our office at 747-224-8110 or contact us here. Tell your Americore Group representative  what you’re looking for, and we’ll tell you how we think we can help you make that happen.

Act Now to Get The ERTC Assistance You Need

The Employee Retention Tax Credit (ERTC) is a program offering assistance to businesses still hurt by COVID.  We can help you get what’s owed you, because we’re working with one of the country’s best recovery organizations.  Since the program is wrapping up, now is the time to act.  What follows are bullet points that outline the program.

• ERTC Program is part of the CARES Act of 2020
• Currently a business can get up to $28,000 per employee
• Business has to pay earnings by W2
• Businesses that took PPP loans ARE eligible now
• Gross Revenue for 2020 should be 50% less than 2019
• Gross Revenue for 2021 should be 20% less than 2019

Note: The August 2021 change allows for “No” decline in Revenue if a COVID mandate was in place. If you think this may apply, we need to have a detailed conversation to understand the business activity affected.

Who Can Qualify for Assistance 

While the current Employee Retention Tax Credit, or ERTC program ended on December 31st, 2021, it can be claimed up to three years from last tax filing or when program funds run out.  That means you are not too late to get the help you need.  Moreover, Traditionally excluded organization, like non-profit organizations may qualify to claim.  Businesses in the cannabis industry can qualify to claim.  Even if a company DID NOT SHUTDOWN, they can still qualify to claim.

Necessary Documents to Qualify for Assistance

There are required documents for full company qualification.  Since the documents are similar to what you need for any financing, you won’t be surprised.  We will need:

• Any PPP loan information such as the loan amount and dates covered
• 2019, 2020, 2021 Payroll reports broken into quarters and listed employees
• All 941’s – Payroll Filings
• Healthcare insurance costs by employee by month
• Stated Gross Revenue for each year

Startup Companies Specifics

Startup companies in 2020 and 2021 do not have 2019 information to compare to. Therefore they have a $1,000,000 gross revenue cap. If this applies to you, we should have a specific discussion based on industry. For Example: A tractor sales location representing multiple brands may sell five units and reach the one-million-dollar revenue. We would only count the “Gross Profit” of the item, not the Total Revenue.

How the Process Works

Once the documentation is completely submitted, the analysis is typically completed in three to five business days. Clients will be required to sign an agreement prior to completion and pay for the submission to be filed with the IRS. The submission fee is only $300.  Our service will verify with IRS that the file was accepted and closed out before invoicing for the service.  You will have verification that the checks have been sent to you before you are invoiced for the service.

None of the process is conducted blind.  Contact your Americore representative for details or to schedule a discovery call with a program advocate.

Tax Saving Action #1: Check Your Tax Withholdings

This one is a simple item to check off.  As a W-2 employee, even when it’s your company paying you, make sure you double check your tax withholdings.  The self-service IRS Calculator is free and it’s easy to use.  It is also a quick way to check whether the amount you withheld is the right amount from your pay.  Grab your most recent pay statements (and your spouse’s), other income information, and your most recent income tax return.

If you do not withhold enough in taxes, you might be surprised by how much money you still owe when you file your income taxes.  If you are withholding too much, you might get a larger refund, but you could be investing that money each paycheck. This tax saving action enlightens you on what to expect, allowing you to make an informed decision. 

The calculator is a nice tool for most people, but when your tax situation is more complex, it is better to use instructions in Publication 505

Tax Saving Action #2: Donate to Tax Exempt Entity of Your Choice

Usually it makes sense claim your charitable donations only if you itemize your deductions.  Before you donate, you can check the organizations Tax Exempt status by entering the organization’s name or employer identification number on the IRS Organization Search Tool.  Under the CARES Act, you can now claim up to $600 for cash donations by non-itemizers. When you know how much to donate, you have another tax saving action to take.

Tax Saving Action #3: Contribute to your Retirement Savings

There is still time to contribute to y our 401K retirement account.  You can still contribute until your last paycheck or December 31, 2021.  The contribution caps only apply to what you put in.  your employer’s contributions don’t count toward your aged defined additional 401(k) contribution limit.  Employers may have a longer period to make matching contributions. IRA contributions are different.  Those can be made until April 15, 2022.

Since we are mid-December, waiting is a bad idea.  Act now to get the corrections onto your last paycheck of the year. Wondering who to contact?  Normally, the human resource department of your employer handles that. 

Tax Saving Action #4: Retrieve Any Reimbursements Due for 2021

If you have a Flexible Spending Account, (FSA), that reimburses your out of pocket expenses related to healthcare or dependent care costs with pretax money.   Check with your employer on whether you need to use your FSA funds by December 31.  If you fail to do so, you could lose those funds, unless your employer uses a rollover feature or offers a grace period.  If you paid for healthcare and forgot to submit the paperwork, submitting now could be a nice reimbursement.

Tax Saving Action #5: Check your Stock Values

This one is not as clear cut as some of the other year end strategies.  Check your stock values.  Selling stocks that gained value and paying the capital gains taxes is a good strategy.  If you are in a lower federal tax bracket, you might not need to pay capital gains tax.  Even if you’re in a higher tax bracket, sometimes it makes sense to sell stocks doing well.  Re-buying them as a way to reset the baseline stock price and reduce future capital gains taxes. Become informed to know which tax saving action will benefit you most. 

Talk to your investment advisor if you already work with someone.  If you don’t already work with an advisor, we should have a conversation.  It costs you nothing but time and you’ll be glad you invested the time.

You want your business to do well.  The government wants your business to do well too.  In fact, the government will help your business succeed.  If you succeed, you will need to hire more employees, and that will benefit the economy. To help you reach this co-beneficial goal, both Federal and state governments are offering tax credits and tax incentives. 

The programs are designed to encourage you to start a business in a depressed economic area, or to implement innovative research or grow your business.  Many business owners assume their business won’t fit into the criteria for good incentives.  That is where your financial advisor like Dennis Bays of Americore comes in.  Americore uses a  group of unique programs, known as Blue Apple programs, with high benefits to enhance small business growth.  The programs are underused, mainly due to inexperience with them.  Americore representatives are super informed on every nuance of the programs.  We’ll work with your advisors to leverage the programs that are most valuable to your firm. 

The key to using the programs is understanding them when and how to best implement them.  We will go over some of the programs here in an overview.  To truly understand the program fit, you should contact your BlueApple professional at Americore and discuss it with them.   The conversation could save your millions of dollars.

When to use the Federal Research and Development Tax Credits

Also known as the Research Tax Credit, the federal research and Development Tax Credit is a wage based tax reduction that rewards companies for investing in eligible research.  There seems to be a general popular belief that this credit is only for technology and pharmaceutical companies.  It is NOT.  It can be used by engineers, architects, manufacturers and other types of businesses that qualify.  The programs may involve dollar to dollar tax credits or might offer tax incentives.  Check with your Americore representative to find out if this programs fits your business.

When to use Investment Tax Credits

The federal government wants to encourage you to invest in your business.  They want to help your business succeed badly enough to reward you for making that investment.  Eligible Individual or businesses may deduct a certain percentage of investment costs from their taxes.  To be clear, this is in addition to normal allowances for depreciation.  The percentage deduction for an investment tax credit is offered at the time an asset is purchased.

This is not a new tax credit, but it is misunderstood and underused.  It was created in 1962 to fend off foreign competition to American business.  It has evolved to use as a tool of pollution control, energy conservation and green technology as well as other development.

With decades of financial experience, Americore realized that many other advisors, investors and CPA’s were not using these and other incentive and financial programs completely.  So Americore picked out some of the best Blue Apple programs and researched every aspect of those programs.  Because they have used the programs for years, Americore professionals have the experience to know when an incentive will help and when it is not a good fit, far sooner than most people realize it.  The government wants to help your business succeed and Americore can facilitate that step. It is time to open the conversation.  You will be glad you did.