Tax Prep Advocates - The Tax Credits Experts

The Tax Credit

Experts

Tax Prep Advocates helps leverage federal and state credits and incentives to help potentially lower your tax burden and enhance the return on your capital expenditures.

Unlock Tax Savings Brilliance

Numerous lucrative federal and state tax credits and incentives await companies, offering the potential for tax optimization. These savings can be channeled towards expanding your workforce, innovating new products or services, acquiring state-of-the-art equipment, or enhancing overall profitability.

At Tax Prep Advocates, we adopt a comprehensive approach to assess potential tax credits and incentives within the context of your overall tax planning strategy. Our comprehensive approach ensures that you maximize the benefits from these credits, allowing you to reinvest in future initiatives.

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Our Mission

Unlike many consulting firms that provide a range of services, Tax Prep Advocates exclusively specialize in tax credits and incentives. Our dedicated team of professionals delivers top-notch client service, thorough data analysis, and extensive industry experience, enabling us to effectively assess and manage tax credits and incentives for our clients.

Our approach involves meticulous research into each piece of tax credit legislation to gain a deep understanding of the eligibility criteria. While numerous companies offer tax credit and incentive consulting, our unique focus sets us apart as one of the very few dedicated to this specialized area.

Our Key Areas of Service

Self Employed Tax Credit

The self-employed tax credits provide tax savings for individuals who could not work due to COVID-19. These credits offset any tax liability created from self-employment income in the taxable year. Since these credits are refundable, taxpayers could potentially receive a tax refund if their tax bill has been covered.

The SETC is a specialized tax credit designed to support self-employed individuals during the COVID-19 pandemic. It acknowledges the unique challenges faced by those who work for themselves, especially during times of illness, caregiving responsibilities, quarantine, and related circumstances. This credit can be a valuable resource for eligible individuals to help bridge financial gaps caused by unforeseen disruptions.

Whether you're a self-employed business owner, a 1099 subcontractor, or a family-centric small business, the Self-Employed Tax Credit holds the potential to bridge the gap left by more traditional forms of support.

Research & Development Tax Credit

The Research and Development (R&D) Tax Credit remains one of the best opportunities for businesses to substantially reduce their tax liability. For what amounts to their daily activities, companies from a wide range of industries can qualify for federal and state tax savings high enough to allow companies to hire new employees, invest in new products and grow operations. Now, due to recent modifications and expansions over the years, more companies than ever before can benefit from this valuable incentive.

Only $15 Billion out of the total $100 Billion available was claimed last year. As a leader in research and development tax incentives, Tax Prep Advocates recognizes that the steps you take today can impact the outcome of current and upcoming audits. Our licensed, experienced tax experts consult with our CPA partners and clients, serving as an extension of your team.

With tax prep advocates you get bookkeeping, tax return accounting, and R&D credit support all under one roof. We already know your numbers from the ground up. That means we work fast and efficiently to identify expenses and maximize your savings.

Employee Retention Tax Credit Audit Service

Even though the IRS has initiated audits on ERC claims, the possibility of being audited might not arise for several years, given the statute of limitations that allows audits up to 5 years from the date of return filing. Don't risk compromising your chances of a favorable ERC audit outcome due to the passage of time and team attrition.

Tax Prep Advocates can assist in adequately documenting your position for an ERC audit, ensuring audit readiness by reviewing your ERC position, crafting a memorandum opining on eligibility, and organizing data in a secure centralized location. In some cases we may even find you were owed additional money not claimed in your initial filing.

If a third-party firm or your payroll provider filed your ERC claim, your organization may be vulnerable to an IRS audit. Successfully defending an audit requires a thorough understanding of general ERC eligibility criteria and specific details on how your business was impacted by COVID-19 restrictions. Our team collaborates with you to comprehend your COVID journey and position you for success in an IRS audit.

Government Grants

Is government funding part of your business strategy? If not, it should be. We help you successfully access millions of dollars in grant funding to help support your future business growth needs.

Every year, both federal and local governments allocate billions of dollars in the form of non-repayable grants and interest-free loans to bolster American businesses. The primary aim is to foster economic growth and prosperity by promoting investments and continual innovation.

There are thousands of grant programs available, all with varying funding amounts, criteria, and timelines. Most grants are awarded on a first-come-first-serve basis, making it critical to align your planned projects with the most lucrative programs available. Unlike the R&D Tax Credit, grants require you to apply for funding before you incur any costs as you must pre-qualify to receive funds. Your planned investments will be reviewed, and once approved, funding is awarded.

Work Opportunity Tax Credit

This is a federal hiring incentive program that allows businesses to receive tax credits per each eligible new hire.

The Work Opportunity Tax Credit (WOTC) Program is designed to incentivize employers who hire individuals from specific target groups. Employers may qualify for a tax credit for each eligible employee hired, contingent upon the individual's qualifications.

Here's the positive news: it's probable that your company is already bringing on board individuals who meet the criteria, potentially making you eligible for WOTC. On average, 1 in 5 new hires can qualify your business for this tax credit.