Tax Credits for Small Businesses

Tax Credits Are Available for Georgia Small Businesses

Are you leaving money on the table?

Tax credits and incentives can literally save small business owners thousands of dollars in state and federal income taxes.  Yet, most are unaware of the available credits or how to get them. We can help with that!

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Our team of experts has been helping businesses save money on their income taxes since 1998.

We Cover All Available Tax Credits

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Whether you own a small business or a nation-wide enterprise, we make it our business to know your business.

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    Most Common Tax Credits Available

    Federal Work Opportunity Tax Credit (WOTC)

    The WOTC targets demographic groups most in need of employment, including those receiving welfare or food stamps, those living in a household where someone is receiving welfare or food stamps, certain veteran groups and ex­felons, among others.

    Businesses can save up to $9,600.00 with WOTC. The benefit begins to accrue once an eligible employee has worked at least 120 hours and reaches a maximum limit at 400 hours. This is a one-time benefit. Unused credits will carry forward for up to twenty (20) years.

    NEW:  We now offer new hire screening services where qualified WOTC employees are identified through a 5-minute live screening at the time of hire. We generally incorporate the screening process into the job application and/or onboarding process and once screening is complete, we handle the rest.

    • Auto-populated 8850 form (questions are asked survey-style) that is electronically sent to the state, guaranteeing compliance with the 28-day window for filing after the hire date
    • Electronic signature for 8850 form
    •  WOTC Survey (point and click yes/no)
    • Proactive follow-ups with state agencies who handle the certifications
    •  Customized reporting – Automated monthly summaries sent to HR director or controller, etc. (We can identify locations that might not be screening and send reminders or suggestions for improvement. )

    Investment tax credits are also available at federal and state levels. These credits help small businesses grow by making it more affordable to expand and improve facilities.

    Georgia State: Companies in manufacturing or telecommunications support that have operated in Georgia for at least three years may be eligible to earn investment tax credits for upgrades or expansions.

    Federal: The investment credit consists of the rehabilitation, energy, qualifying advanced coal project, qualifying gasification project, and qualifying advanced energy project credits.

    Georgia Retraining Tax Credit (RTC)

    A company can recoup up to one half of all training costs for eligible employees up to $1,250.00 per eligible employee, per year, and up to one half of the company’s Georgia income tax liability. Unused credits will carry forward for up to ten (10) years.

    Training must be directly related to software, equipment or technology . Eligible costs include, but are not limited to, trainee and trainer wages, conference travel expenses, training class development, training materials and training room equipment. Training for soft skills, HR policies or regulatory requirements is not eligible.

    Location-Based Tax Credits

    These include Opportunity Zone, Military Zone and Less Developed Census Tract tax credits which allow companies in any of these designated areas to potentially save on their income taxes.

    R&D tax credits are available at the federal and state levels. These credits help businesses offset the cost of research and development for certain types of products and solutions.

    Georgia State: Brand new companies, existing companies embarking on R&D for the first time, established companies expanding their R&D budget – all are eligible for R&D tax credits.  The tax credit earned is a portion of the increase in R&D spending. The credit can be used to offset up to 50 percent of net Georgia income tax liability, after all other credits have been applied.

    Federal: You may claim an R&D credit against tax for certain qualified R&D expenditures, and combine the credit as one of the components of the general business credit.

    A job credit, available at the state level, helps fuel company expansion by rewarding job creation. In Georgia, job credits provide as much as $4,000 in annual tax savings per job for up to five years. They’re available to businesses (or their headquarters) in seven strategic sectors:

    • Manufacturing
    • Telecommunications
    • Broadcasting
    • Warehousing & distribution
    • Research & development
    • Processing
    • Tourism

    The exact value of the job credits depends on two factors – how many jobs are created, and where. You can view and download a map showing how all Georgia counties and census tracts rank as “economic tiers” based on three factors: unemployment rate, per capita income and percentage of residents whose incomes are below poverty level.

    WOTC

    Federal Work Opportunity Tax Credit (WOTC)

    The WOTC targets demographic groups most in need of employment, including those receiving welfare or food stamps, those living in a household where someone is receiving welfare or food stamps, certain veteran groups and ex­felons, among others.

    Businesses can save up to $9,600.00 with WOTC. The benefit begins to accrue once an eligible employee has worked at least 120 hours and reaches a maximum limit at 400 hours. This is a one-time benefit. Unused credits will carry forward for up to twenty (20) years.

    NEW:  We now offer new hire screening services where qualified WOTC employees are identified through a 5-minute live screening at the time of hire. We generally incorporate the screening process into the job application and/or onboarding process and once screening is complete, we handle the rest.

    • Auto-populated 8850 form (questions are asked survey-style) that is electronically sent to the state, guaranteeing compliance with the 28-day window for filing after the hire date
    • Electronic signature for 8850 form
    •  WOTC Survey (point and click yes/no)
    • Proactive follow-ups with state agencies who handle the certifications
    •  Customized reporting – Automated monthly summaries sent to HR director or controller, etc. (We can identify locations that might not be screening and send reminders or suggestions for improvement. )
    Investment

    Investment tax credits are also available at federal and state levels. These credits help small businesses grow by making it more affordable to expand and improve facilities.

    Georgia State: Companies in manufacturing or telecommunications support that have operated in Georgia for at least three years may be eligible to earn investment tax credits for upgrades or expansions.

    Federal: The investment credit consists of the rehabilitation, energy, qualifying advanced coal project, qualifying gasification project, and qualifying advanced energy project credits.

    Georgia RTC

    Georgia Retraining Tax Credit (RTC)

    A company can recoup up to one half of all training costs for eligible employees up to $1,250.00 per eligible employee, per year, and up to one half of the company’s Georgia income tax liability. Unused credits will carry forward for up to ten (10) years.

    Training must be directly related to software, equipment or technology . Eligible costs include, but are not limited to, trainee and trainer wages, conference travel expenses, training class development, training materials and training room equipment. Training for soft skills, HR policies or regulatory requirements is not eligible.

    Location Based

    Location-Based Tax Credits

    These include Opportunity Zone, Military Zone and Less Developed Census Tract tax credits which allow companies in any of these designated areas to potentially save on their income taxes.

    R&D

    R&D tax credits are available at the federal and state levels. These credits help businesses offset the cost of research and development for certain types of products and solutions.

    Georgia State: Brand new companies, existing companies embarking on R&D for the first time, established companies expanding their R&D budget – all are eligible for R&D tax credits.  The tax credit earned is a portion of the increase in R&D spending. The credit can be used to offset up to 50 percent of net Georgia income tax liability, after all other credits have been applied.

    Federal: You may claim an R&D credit against tax for certain qualified R&D expenditures, and combine the credit as one of the components of the general business credit.

    Job Growth

    A job credit, available at the state level, helps fuel company expansion by rewarding job creation. In Georgia, job credits provide as much as $4,000 in annual tax savings per job for up to five years. They’re available to businesses (or their headquarters) in seven strategic sectors:

    • Manufacturing
    • Telecommunications
    • Broadcasting
    • Warehousing & distribution
    • Research & development
    • Processing
    • Tourism

    The exact value of the job credits depends on two factors – how many jobs are created, and where. You can view and download a map showing how all Georgia counties and census tracts rank as “economic tiers” based on three factors: unemployment rate, per capita income and percentage of residents whose incomes are below poverty level.

    How We Do It

    Enlighten: We help business owners understand the opportunities tax credits can create.

    Engage: We partner with our clients to make the process as easy as possible.

    Implement: We combine custom technology and process with dedicated support to reduce the administrative burden.

    Explore: Our expert team helps implement ideas to find more money through key reporting, best practices, industry experience, and on-going reviews.

    Maximize: We help our clients maximize tax credits by building simple & SMART systems into their organizational culture.