Corporate tax day has passed, but amendments can provide ample recovery for any size businesses.
While company owners strategize to slowly regain business after the financial shakeup of 2020’s first half, many overlook taxes as a way to leverage more revenue. Even though the current tax season is over for many, lucrative savings can still be uncovered in the form of an amended tax return.
With the help of national tax experts, companies can claim what they should have received during a previous tax season. Many CPA’s will team up with third-party tax companies like National Tax Group to help businesses to reclaim their missed tax credits and minimize their tax liability. Any possible credits or returns are calculated and compared to the actual tax paid by the company, then the difference is awarded to the taxpayer in the form of refunds or payment.
Typically, amendments can be done up to three or four years in the past, depending on the lookback window of each tax provision. Here are some examples of corporate tax credits and deductions that can be amended anytime throughout the calendar year:
- Research & Development Tax Credit
- Cost Segregation Study
- 45L Energy-Saving Tax Credit
- 179D for Commercial Energy Reduction
Amendments are a powerful tool that can add up to thousands in savings for the taxpayer. The cash flow effect can be especially significant if two or more tax years are involved in the calculations.
The Tax Season is Over…But Your Benefits are Still Out There
Tax amendments can uncover significant savings for business owners, builders, designers and property owners. The process is best approached with an experienced team of tax specialists on your side. Call National Tax Group at 561-257-3436 to start your free assessment.