Encouragement from Dennis Bays

As a successful business owner, you know that innovation comes with risk—and sometimes, projects don’t pan out as planned. The good news? The R&D Tax Credit is designed to reward the effort of innovation, not just the outcome. Even if your energy-saving idea didn’t work, you may still qualify for valuable tax incentives and other funding programs to boost your cash flow for your next big project.

1. R&D Tax Credit: You Don’t Need a “Win” to Benefit

The R&D Tax Credit is available to businesses that invest in developing new or improved products, processes, or technologies—even if those projects fail in testing. What matters is that your activities meet the IRS’s four-part test:

• Aimed at improving a business component
• Based on hard sciences or engineering
• Intended to resolve technical uncertainty
• Involving a process of experimentation

You can claim the credit for qualified expenses even if the project didn’t result in a commercial product or process.

2. How to Claim Credits for Past R&D Expenses

If you incurred eligible R&D expenses in previous years, you may still be able to claim the credit retroactively by filing an amended tax return. Here’s how:

Don’t Leave Money on the Table:

We help entrepreneurs claim credits for current expenses, but also for past work they put in on a project. Unfortunately, we also regularly speak with businesspeople who miss out on R&D tax credits because when they don’t realize what can be included.  Americore Group has a team who comb through information and records to determine the maximum fair credits a business can claim.

Recent Tax Credit Change:

The White House administration has made it easier to claim the credit for past years by allowing immediate expensing of domestic R&D costs (no more five-year amortization for U.S. projects), and by providing a special retroactive election for small businesses to apply this rule to 2022–2024 expenses. The deadline for this retroactive election is July 4, 2026.

3. What’s New Under the Current Administration

• Immediate Expensing Restored: You can now deduct domestic R&D costs in the year they’re incurred, rather than spreading them over five years.
• Catch-Up Deductions: If you previously had to capitalize R&D costs, you can deduct the remaining balance in 2025 (or split between 2025 and 2026).
• Retroactive Relief for Small Businesses: If your average annual gross receipts were $31 million or less (2022–2024), you can amend past returns to claim immediate expensing for those years.
• Updated IRS Forms: The IRS has revised Form 6765, requiring more detailed project-level information starting with 2026 tax returns (optional for 2025).
• Payroll Tax Offset: If you’re a qualified small business, you can use up to $500,000 of your credit per year to offset payroll taxes, improving cash flow even if you’re not profitable yet.

4. Alternative Programs to Enhance Cash Flow

If you’re looking for additional ways to fund your new energy-saving project, consider these options:

• SBIR/STTR Grants: Federal programs that provide non-dilutive funding for innovative R&D, including energy efficiency projects. The Department of Energy is a major participant.
• DOE Grants and Loans: The Department of Energy offers grants, technical assistance, and commercialization support for energy-saving technologies.
• SBA Loans: The Small Business Administration’s 7(a), 504, and microloan programs can provide working capital or equipment financing.
• State Incentives: Many states offer grants, tax credits, and low-interest loans for energy projects.
• Private Funding: Green banks, impact investors, and venture capital may be available for projects with strong commercialization potential.

Most of these programs do not disqualify you for having a previous project that didn’t succeed. They focus on the potential of your new idea and your commitment to innovation.

5. Summary Table: Key R&D Tax Credit and Funding Updates

Final Thoughts

Even if your last R&D project didn’t succeed, you have powerful tools at your disposal to enhance cash flow and fund your next venture. The R&D Tax Credit, especially with recent rule changes, can provide immediate and retroactive benefits. Combine this with grants, loans, and state incentives, and you’ll be well-positioned to pursue your next big idea.

Stay optimistic. Innovation is a journey, and every step (even the setbacks) can lead to new opportunities for growth Falcon Wealth Advisors*

Unlocking Hidden Value: The Overlooked R&D Credit

At Americore Group, we often meet business owners and executives who are surprised to learn that their efforts to develop more energy-efficient processes, equipment, or emissions reduction strategies could qualify for the federal Research & Development (R&D) tax credit. This powerful tax incentive isn’t just for high-tech labs or software startups—it’s available to a wide range of industries, including manufacturing, construction, energy, and more

Yet, industry data shows that only a fraction of eligible companies actually claim the R&D credit, with billions of dollars left unclaimed each year. The main reasons? Lack of awareness, misconceptions about eligibility, and the perceived complexity of the application process

What Qualifies as R&D?

The IRS’s Four-Part Test:

Permitted Purpose:

Are you developing or improving a product, process, or system? Efforts to enhance energy efficiency or reduce emissions often qualify.

Technological in Nature:

Does your project rely on engineering, physical, or computer sciences?

Elimination of Uncertainty:

Are you resolving technical challenges or uncertainties? Even if your research and development didn’t work out, you may still qualify for the R&D Program.

Process of Experimentation:

Are you testing, modeling, or evaluating alternatives to achieve your goal?

Common Qualifying Activities:

• Designing new or improved energy-efficient equipment (e.g., HVAC, lighting, industrial machinery)
• Innovating manufacturing processes to reduce energy use
• Developing sustainable building materials or smart grid technologies
• Experimenting with alternative fuels or emissions control systems
• Creating software to monitor or optimize energy consumption

Real-World R&D Tax Credit Program Examples

A manufacturer redesigned its production line to cut energy use by 15%—qualifying for significant R&D credits.

A renewable energy firm developed advanced solar panels, earning millions in credits for their innovative design.

A food processor implemented new waste-to-energy systems, reducing emissions and offsetting costs with R&D incentives

Another manufacturer worked to redesign its production line to cut energy use but the new equipment design didn’t work out.

Other Examples show that even incremental improvements—if they involve technical problem-solving—can unlock substantial tax benefits.

Why Are So Many Companies Missing Out?

There are several myths creating program confusion.  We work hard to clear the confusion and have included some of the commonly believed myths below:

Myth: “We’re not a tech company.”

Reality: Any business improving processes, equipment, or sustainability may qualify.

Myth: “Our project wasn’t successful.”

Reality: The credit rewards the attempt to innovate, not just the outcome.

Myth: “It’s too complicated.”

Reality: With expert guidance, the process is manageable—and the rewards are significant

The Value at Stake

The R&D tax credit typically offsets 6–8% of eligible research costs, dollar for dollar, against your federal tax liability. For small businesses, up to $500,000 can be applied against payroll taxes annually – providing vital cash flow for continued innovation

How Americore Group Can Help

Americore Group, based in Westlake Village, California, specializes in uncovering and securing these often-overlooked credits. Our consultative approach means out team works closely with your team to:

• Identify all qualifying activities (even those you may not recognize as R&D)
• Document and substantiate your claims to meet IRS requirements
• Maximize your credit and ensure compliance with the latest regulations
• Ready to discover if your business qualifies?
• Contact Americore Group today and let us help you turn your energy efficiency and emissions reduction efforts into real financial rewards.

Key Components of your Plan

Review Your Financial Position: Cash Flow, Payroll, and Business Savings

The foundation of operational efficiency is a clear understanding of your current financial position. Begin by reviewing your cash flow statements, ensuring every transaction is accounted for and reconciled. Positive cash flow is not just a sign of healthy business operations, it’s the fuel for growth, and new opportunities.

Don’t overlook the importance of a dedicated business savings account. This financial buffer can help you manage payroll, cover unexpected expenses, and invest in employee benefits that drive retention. AmeriCore’s advisors can help you structure your accounts for maximum flexibility and security. The right plan from AmeriCore ensures your business is always prepared for both challenges and opportunities.

Optimize Your Business Tax Strategy Plan: Credits, Deductions, and Capital Gains

Taxes are a major concern for every small business. Yet with the right strategy, they can also be a source of significant savings. AmeriCore’s tax professionals are experts at uncovering tax incentives, credits, and deductions that many businesses overlook. From R&D credits to employee benefit deductions, every dollar saved increases reinvestment opportunities for your business. If you’re planning to sell assets or considering an exit strategy, understanding capital gains implications is crucial. AmeriCore’s advisors work closely with your CPA or tax attorney to ensure you minimize capital gains taxes and maximize after-tax proceeds. Their integrated approach means you never leave money on the table—whether you’re reinvesting in growth or planning for succession.

Secure Capital Funding: Fuel Expansion and Innovation

Access to capital is the lifeblood of small business growth. The right capital funding strategy is essential. The right plan facilitates expanding your workforce, investing in new technology, or acquiring another business. AmeriCore’s Capital Access investors “act like a bank but think like a venture capitalist.” We provide flexible funding solutions that traditional banks often can’t match. Our innovative approach to capital funding includes off-balance sheet financing. This approach can improve your company’s financial profile and make you more attractive to investors or buyers. By aligning your funding strategy with your business goals, AmeriCore ensures you have the resources you need to seize new opportunities and drive operational efficiency.

Enhance HR, Employee Benefits, and Workforce Retention

Your people are your greatest asset. As you plan for the new year, take a close look at your HR policies, employee benefits, and retention strategies. Competitive benefits packages not only attract top talent but also improve morale and reduce turnover—key drivers of long-term success. AmeriCore’s Blue Apple Solutions include specialized programs for employee benefits and payroll optimization. Their Tax Credit Health Benefits program, for example, helps you unlock hidden tax credits while providing valuable benefits to your workforce. This dual approach strengthens your team and your bottom line, making your business more resilient and attractive to both employees and investors.

Streamline Business Operations for Maximum Efficiency

Operational efficiency is the secret weapon of high-performing small businesses. By streamlining processes, automating routine tasks, and leveraging technology, you can reduce costs and free up resources for strategic initiatives. AmeriCore’s advisors work with you to identify inefficiencies in your business operations and implement solutions that drive productivity. From payroll automation to integrated financial reporting, their expertise helps you build a lean, agile organization that’s ready to adapt and grow.

Plan Your Exit Strategy: Prepare for the Future

Every small business owner should have a clear exit strategy, whether you’re planning to sell, pass the business to the next generation, or simply step back from day-to-day operations. A well-crafted exit strategy protects your legacy, maximizes your return, and ensures a smooth transition for your workforce. AmeriCore specializes in helping business owners develop and execute exit strategies that align with their personal and financial goals. Their holistic approach considers everything from capital gains taxes to succession planning, ensuring you’re prepared for whatever the future holds.

Leverage Business Savings Accounts for Flexibility and Growth

A business savings account is more than just a rainy-day fund—it’s a strategic tool for managing cash flow, funding expansion, and supporting employee benefits. By maintaining a healthy balance, you can take advantage of new opportunities as they arise and weather unexpected challenges with confidence. AmeriCore’s advisors can help you optimize your business savings strategy, ensuring your funds are working as hard as you are. Whether you’re saving for a major investment, building a reserve for payroll, or planning for future growth, a well-managed savings account is a cornerstone of financial stability.

Why Choose AmeriCore?

AmeriCore stands out as a trusted partner for small businesses seeking to maximize efficiency, minimize taxes, and achieve sustainable growth. Their dedication to innovation, problem-solving, and client collaboration sets them apart in the world of financial advisory. 

With Blue Apple Solutions, you gain access to a team of experts who understand the unique challenges and opportunities facing small businesses. From tax planning and capital funding to HR and operational efficiency, AmeriCore delivers the integrated support you need to finish the year strong and plan even stronger for the future.

Ready to Transform Your Small Business?

Don’t leave your success to chance. As you close out the year, partner with AmeriCore to optimize your taxes, secure capital funding, enhance your workforce, and build a foundation for lasting growth. Visit AmeriCore’s website to connect with an advisor and discover how Blue Apple Solutions can help your small business thrive—today and tomorrow.

The problem? Without the right advisors — including tax attorneys, CPAs, and strategic financial consultants — tax planning can become a maze of missed deductions, overpaid liabilities, and compliance risks.

At AmeriCore, we specialize in connecting clients to a trusted CPA network and tax attorney consulting team that collaborates on every aspect of your financial picture. Together, we help you minimize liabilities, maximize returns, and position yourself for long-term success.

AmeriCoreusa.com Personal Finance

Why Complex Tax Strategies Require Specialized Expertise

The U.S. tax code spans over 6,500 pages, with thousands of additional pages in regulations, IRS rulings, and state-specific laws. For individuals and businesses with diverse income streams or complex holdings, the standard approach to tax preparation isn’t enough.

You may need a specialized strategy if you:

• Own a business with multiple revenue streams or operate in more than one state
• Receive stock options, RSUs, or significant investment income
• Have large charitable giving or philanthropic activities
• Hold international assets or conduct cross-border business
• Anticipate major capital gains events (real estate sales, asset liquidation, mergers)

Without targeted planning, these scenarios can lead to overpayment of taxes, audit exposure, and missed legal opportunities for savings.

ResourceShark Tax/Accounting

AmeriCore’s Three-Pillar Approach to Advanced Tax Planning

Our proven process is built on three core pillars:

1. Comprehensive Review & Tax Stress Point Identification

Before building a plan, we conduct a deep-dive review of past returns, current structures, and income sources. This allows us to pinpoint “tax stress points” — areas where liabilities are higher than they need to be.

Example stress points include:

• Inefficient entity structure for business operations
• Misaligned investment and tax strategies
• Underutilized retirement and deferred compensation plans

2. Collaborative Planning with CPAs and Tax Attorneys

Unlike firms that work in silos, AmeriCore coordinates CPA expertise with tax attorney oversight to ensure every strategy is legally sound and financially optimized.

Our CPA partners:

• Identify deductions, credits, and exemptions
• Provide accurate reporting and ensure IRS compliance

Our tax attorney partners:

• Structure transactions for maximum protection
• Represent clients in complex tax disputes or audits
• Advice on trust, estate, and entity structuring

By combining these perspectives, we create strategic tax solutions that address both the legal and financial dimensions of your plan.

3. Ongoing Strategy Monitoring & Adjustment

Tax planning isn’t a set-and-forget process. Regulations, market conditions, and personal circumstances change, which means your strategy must evolve as well.

We review your plan quarterly to understand:

• Capture new tax-saving opportunities
• Adjust to legislative changes
• Align with shifts in your income, investments, or goals

IRS Business/Entrepreneur Credits & Deductions

Case Study: Saving $250,000 in Capital Gains Taxes

A commercial real estate investor came to AmeriCore after years of paying steep capital gains taxes. By restructuring their business entity, timing asset sales strategically, and leveraging 1031 exchanges, we helped them:

• Reduce taxable income by $250,000 over three years
• Defer additional gains for reinvestment
• Integrate retirement contributions for further liability reduction

AmeriCoreusa.com Business Financial

When to Engage AmeriCore for Tax Strategy Support

You should consider working with us if you:

• Anticipate a major life or business change (sales, acquisition, expansion)
• Have investments with significant unrealized gains
• Feel your current CPA or preparer isn’t proactively saving you money
• Want a long-term, integrated approach to tax, investment, and business planning

ResourceShark Financial Consulting Directory

The AmeriCore Advantage

What makes AmeriCore different is our network-driven, client-first model. We don’t just prepare returns — we engineer financial strategies by tapping into an elite circle of CPAs, tax attorneys, and financial experts. Our goal is to help clients retain more of what they earn while staying ahead of tax law changes.

Final Thoughts & Next Steps

Your tax plan should be working as hard as you are. With the right advisors in place, you can transform taxes from a yearly burden into a powerful financial tool.

Contact AmeriCore today to schedule your confidential tax strategy consultation and learn how our CPA network and tax attorney consulting can help you minimize liabilities and maximize returns.

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 

The biggest obstacle we regularly face, is helping our clients understand government programs are real and legitimate. Those programs are the way our government encourages desirable business behaviors. You might already be practicing the behavior the government wants to reward you for doing. Why wouldn’t you accept their appreciation when it helps grow your business. To ignore the programs is to leave money on the table.

Americore Experience Yields Results.

For thirteen years Americore helped over 5000 clients receive money owed or save on tax bills. There are myriads of programs available to small and midsize businesses, yet they are rarely ever employed by those they were intended to help. Americore is intimately familiar with those programs. We know the documentation and information required for each program. We also know the proven program parameters and our clients have benefitted from our experience for years.

Our Knowledge Saves You Time.

That means we can quickly recognize which program will fit your business. The downside to using government programs is that the paperwork is cumbersome and complicated. The Upside to working with Americore, is that without any up front payments, we can guide you and your team through the application process. Trying to navigate the application process on your own often results in denials. Understanding application questions and program requirements is essential to receiving funds. With over thirteen years of experience, Americore has the expertise to guide you to approval time after time. Imagine your team, instead of applying and reapplying, working with Americore and getting the approval the on the first submission.

Instead of wasting time on programs that don’t fit, have your team or financial advisor talk to an Americore representative about which programs do fit. You can focus on plans that you and your firm are much more likely to benefit from. And that benefit comes much sooner than if you went after the wrong programs.

Learn if You or Your Business is Owed Incentive Money

Learn if your business is owed incentive, credit, or rebate money by speaking with an Americore advisor. We know the programs because Dennis Bays, CEO of Americore, has spent years investigating financially beneficial programs for clients. It is amazing to realize how rarely financial advisors use this prolific source of cash flow for their clients. Today, our focus is on guiding more business owners to funding opportunities, facilitating business growth and development.

We have become intimately familiar with a myriad of program opportunities, and we constantly watch for new possibilities. We aren’t trying to replace your existing team, but to work with them to maximize your cash flow through seldom utilized programs. There is considerable funding available, and not asking for your share is a waste.  Talk to us. Americore has a history of finding the Credits, Rebates & Incentives that businesses qualify for, but rarely ever know about.

Starting the Conversation…

Are you one of the 5000 clients we have saved thousands of dollars or freed up to millions of dollars for operating capital? If not, we should have a conversation.

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.

Business must be in certain industries. 

It is in the governments interest to encourage business in certain industries like Agriculture, pharmaceuticals, manufacturing, engineering, aeronautics and technology. Currently, tax incentives across US industries resulted in a reduction of $94,056,572 on a $358,916,354 total tax bill.  The manufacturing industry enjoyed a $37,384,236 reduction on a $115,469,502 tax bill, approximately a 33% discount. 

To encourage certain industries high in job provision and other national benefits, there are a plethora of incentives.  We are listing only a few of the options here. 

To find out more about surprising ways Americore can help your business improve your return on investment, contact us.

Accelerated Machinery and Equipment Depreciation Deduction. 

This deduction allows business owners to deduct their machinery and equipment’s depreciation value immediately.  By allowing the full amount immediately, it essentially gives businesses financial room to invest in equipment and machines for their factories.  In less than a year, the firm will recoup the savings on tax liabilities.

Graduated Corporate Income Credit

This tax return credit offers tax relief or businesses that earn high profits, so the owners can put more of that profit back into their companies.  In the graduated Corporate Income credit, the first $50,000 of a business income is taxed at 14%, graduating to 35% for income over $350,000. 

Creating a Number of Jobs

Domestic Manufacturing Deduction.  This deduction is designed to encourage US companies to retain domestic production jobs instead of outsourcing to an overseas factory.  If an American business manufactures products on US soil, it is likely to be eligible for this deduction.

R&D Tax Credits

The R&D Tax Credit is a misunderstood program.  You might think it would have stringent requirements, but the qualifiers are broad and accepting.  For businesses savvy enough to take advantage of it, the R&D Tax Credit can save substantial money.  There are four steps to the eligibility test for the R&D Tax Credit. 

• You need to show that you attempted to eliminate the uncertainty about development or improvement of the product or process. This must be on a fundamental level, and not reflect mere cosmetic changes.
• You must be able to demonstrate there is a process of experimentation, with simulations, modeling or testing.
• Your endeavors must be science or engineering based.
• There must be some measurable improvement in quality, reliability or performance.

Confused?  OK, here are some examples of areas of eligible innovations: software development, tool design, patents, environmental testing, automated manufacturing processes.

The differences between tax incentive programs is wide and full of misunderstandings. Some incentive plan requirements are stringent and others much more accommodating.  That’s why having a business advisory firm to guide you to the programs that best apply to your business can make a world of difference.  Americore professionals go further.  Americore guides your team through the application process.  We’d love to tell you more about Blue Apple Savings that make sense for your business.  Contact us  today to start the conversation.

Tax credits, as opposed to tax deductions are incentives issued to businesses for certain activities.  They may be issued for purchasing energy efficient vehicles, converting to renewable energy and building with green materials.  Tax credits may actually save more tax money than deductions.  Go over your unique financial situation with your accountant to check which credits benefit you.

Purchases

Purchases for businesses may qualify for a tax credit, if use of the equipment, vehicle, or facility begins in the year when you claim the tax credit.

Coronavirus Tax Credits

Employee retention credit was developed to motivate businesses to keep employees working in spite of Coronavirus related loss of revenue.  There are also tax credits to help employers pay for sick leave and family leave for employees affected by COVID-19.  The latter can pay up to 80 hours, or 2 weeks of 100% paid sick leave per employee.  There are caps, and restrictions, such as when employee can’t work due to:

• government ordered quarantine,
• health care provider recommended quarantine, 
• presence of COVID-19 symptoms and seeking a medical diagnosis.   

If the employee is a care giver, they may receive 66.7% of their pay up to 80 hours if eligible due to:

• care of someone in a COVID-19 related quarantine
• care of a child whose school or place of care (daycare etc.) is closed due to COVID-19
• having substantially similar conditions to the two prior situations.

Other Small Business Key Relief Programs

Paycheck Protection Program protected many employees and employers in 2020.  New funds were added to the PPP program in 2021. 

Main Street Lending Program was created for small and medium-sized businesses.  This is used instead of, or in addition to Paycheck Protection Program Loans.

The Economic Injury Disaster Loan Program gives quick cash to businesses as they apply for economic injury disaster assistance.

Employee Retention Credit reduces payroll taxes for employers who agree to keep employees on the payroll.

Pandemic Unemployment Assistance extends unemployment benefits to those not covered by regular unemployment compensation, including self-employed individuals.

Paid Family Leave for Employees