UNLOCK VALUABLE BUSINESS TAX CREDITS AND BENEFITS

September 1, 2024

In today’s challenging economic climate, businesses can benefit significantly from tax incentives and sales tax exemptions. However, many of these opportunities go unclaimed due to a lack of awareness or misconceptions about eligibility. Here are some key tax credits and exemptions that your business might qualify for:


1. Statutory Incentives


Certain tax credits are available “as of right,” meaning that if your business meets the necessary criteria, you can claim them on a timely filed tax return without negotiation. These incentives are designed to encourage businesses to engage in specific activities or invest in economically distressed areas.

  • Work Opportunity Tax Credit (WOTC): This federal credit ranges from $2,400 to $9,600 per eligible new hire from disadvantaged groups, such as veterans, welfare recipients, convicted felons, and workers with disabilities. To claim this credit, businesses must complete the necessary paperwork.
  • Research and Development (R&D) Tax Credits: Both state and federal R&D credits may be available to businesses that invest in developing new products, improving processes, or developing internal-use software. The federal credit can be as high as 20% of qualified research expenses over a base amount. Even businesses with no tax liability can carry the credit forward, and start-ups can claim it against up to $500,000 in employer-paid payroll taxes.
  • Empowerment Zone Incentives: Companies operating in federally designated “empowerment zones” can receive tax credits worth up to $3,000 for each eligible employee.
  • Industry-Based and Investment Credits: Various states offer credits to attract certain types of industries, such as manufacturing or film production. Investment credits are also available for capital investments made within state borders.


2. Discretionary Incentives


Discretionary tax incentives must be negotiated with government officials. These benefits are typically offered to businesses that promise to bring economic value to a state or locality, such as creating jobs or boosting revenue.

Discretionary incentives might include income and payroll tax credits, property tax abatements, and even reductions in utility rates.


3. Sales Tax Exemptions


In states with sales taxes, exemptions are often available for certain business purchases. Common examples include:

  • Purchases by retailers for resale,
  • Manufacturers buying equipment, raw materials, or components for use in the manufacturing process,
  • Specific tax-exempt entities, and
  • Agricultural businesses purchasing farming equipment, seeds, fuel, or chemical sprays.


To take advantage of these exemptions, businesses may need to prove eligibility by providing resale or exemption certificates to sellers.


Don’t Miss Out on These Opportunities


Each year, numerous tax credits and incentives go unclaimed simply because businesses are unaware of them or mistakenly believe they’re not eligible. There are many more credits and exemptions available beyond the examples listed here.


To ensure your business receives all the tax benefits it deserves, contact our office for guidance on claiming these valuable incentives and developing a tax strategy tailored to your business’s needs.  CLICK HERE or CALL (412)875-5719

Federal IRS Electronic Payment Requirement

By Stevans & Associates, PLLC • September 16, 2025
Effective September 30, 2025, all payments made to or from the Federal IRS must be processed electronically. The change aligns with contemporary financial standards.

SafeSend Gather vs. SafeSend Client Portal: What's the Difference?

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SafeSend Gather and SafeSend Client Portal are components within the SafeSend One™ platform, each designed to streamline different aspects of the tax preparation and client interaction process. SafeSend Gather focuses on automating the initial phase of tax preparation by simplifying the collection of necessary documents and information from clients. Leveraging advanced artificial intelligence, it automatically generates document request lists, identifies and categorizes uploaded documents, and provides real-time visibility into document completion status. This ensures a frictionless document gathering process for both firms and clients. SafeSend Client Portal , on the other hand, is designed to enhance the overall client experience by providing a centralized dashboard for managing all tasks and documents throughout the tax lifecycle. It offers features such as a downloadable, sortable, and searchable repository of all documents exchanged between client and firm, a simple actionable to-do list, comprehensive notifications for important deadlines, a unified K-1 distribution page, and a centralized location to view and pay estimated or actual tax payment vouchers. This portal empowers clients to have greater independence and control over their tax journey. In summary, while SafeSend Gather streamlines the document collection process at the beginning of the tax preparation, SafeSend Client Portal provides an ongoing, centralized platform for clients to manage their tax-related tasks and documents throughout the entire tax lifecycle. Please reach out to our office if you have any questions about the SafeSend platform and it's features. CLICK or CALL . Source: SafeSend Learn

SafeSend Client Portal User Guide: Simplify Tax Document Management

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