I have a super-embarrassing confession to make…
But I think there is a valuable teaching moment here that will help you so I’ve decided to swallow my pride and share it.
So here is the confession: We at Taxbot (The company that’s been teaching you about tax strategy and have been hounding you not miss out on all the legal deductions available to you) recently found out that…
We missed out on a deduction that could have saved us $250,000 in taxes!
That’s right! See at Taxbot we spend a lot of money on research and development (We’re experimenting with, and investing in, a lot of artificial intelligence to help simplify your accounting).
Well, it turns out, that we could’ve qualified for a special “Research and Development Tax Credit” that could have saved us $250,000 in taxes! But, several years ago when we looked at the deduction, we didn’t think we’d qualify and unfortunately didn’t look into it further.
Luckily, last year, we decided to take another look… This time, we hired an professional that specialized in R&D tax credits and we found out that there was a provision in the law that made us eligible!
Unfortunately, the IRS only lets you file amended returns for the last 3 years – which we immediately did! (But… we had 4 years of additional credits we could’ve claimed if we would have known).
The moral of the story is: Always be looking for new ideas and don’t assume you won’t qualify for something until you dive DEEP and get a professional opinion!
The reality is, if you don’t, at the very least, talk to your accountant once during the year (NOT during their busy months from January till May) then you are almost certainly missing out on some big tax savings!
So, do yourself a favor… Pick up the phone and call your accountant to schedule an hour or two of their time…
…Take them to lunch and pick their brains!
…And don’t be afraid of paying their hourly rate for their advice – it will almost always result in a HUGE ROI for you! (Probably at least 500 – 1000% ROI)
Again… If we, the “tax experts”, missed a deduction this big, chances are that you are missing out on some yourself. It can make a huge difference in your business. We all need to be proactive and continue to find new ways for us to keep our hard-earned money. So, learn from our mistake… never stop learning… go make that phone call right now!
All content on this site is the property of Taxbot, LLC and/or the author. You may link to any article that you wish, or share via the social media buttons below. However, please do not copy articles or images for use on other sites without express written permission.