Does My Business Qualify for Tax Incentives?

As we transition to a new year, it’s an excellent time to review your company’s plans for growth and capital expenditures for not only 2023, but the next few years too. Regularly evaluating your business plans is crucial because many if not all states and municipalities have tax incentives available for companies that meet certain criteria, such as having capital expenditures and/or new hiring plans.

As you review your expenditures and growth plans, there are essential questions you should be asking yourself to determine if you may be eligible for tax incentives. Here are a few guiding questions to consider:

  • Do you have capital expenditures planned over the next two to three years? Are you planning for any new equipment purchases? Are you considering new building renovations or expansions?
  • What are your hiring plans or forecasts over the two to three years?
  • Do you have locations in other states? What are your capital expenditure and hiring plans for those locations?
  • Do you have any training planned for new or existing employees?
  • Does your company do research and development (R&D)? If so, what are your plans related to R&D work over the next two to three years?

If any of the above questions apply to you, you may be missing out on potential tax incentives to help your business achieve its goals. Tax incentives vary from state to state, so it can be challenging to ensure you are maximizing the benefits you are eligible for.

You may want to consider working with an advisor who can evaluate your business structure and determine which incentives you may qualify for. By collaborating with a tax advisor, you can take the guesswork out of applying for tax benefits and hoping one works out, and instead be assured you’re utilizing all the tax benefits available to your business.

At BerganKDV, we offer tax incentive services to take the headache out of applying for tax benefits. We partner with clients to determine which tax incentives they qualify for and perform the tax compliance work so that they can focus on other business needs.

If you are curious to learn more about possible tax incentives for your business, we would be happy to assist you. Contact us today and one of our tax experts will reach out to you.


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CATEGORIES: Featured | Tax & Audit
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