Tax Credits

Tax Credits

Tax Credits

As a new client of HLB Gross Collins, we have found ourselves extremely happy and satisfied with the quality of services offered. Their knowledge, follow-up, timeliness, and organization is superior to those I have seen in the past. They understand the value of building relationships with their clients. All questions and inquiries are answered in a timely manner either via email or phone and they are always willing to accommodate urgent requests. I would highly recommend HLB Gross Collins CPA's to any individual or business for their tax preparation, consulting, and business needs. We look forward to a continued relationship!

Elishiba Hunter

Timothy Baptist Church, Inc.

Many available Federal and Georgia tax credits are often overlooked and go unused. With proper planning and assessment, these credits can go a long way toward improving the bottom line. Following is a summary of some of the more recognizable credits available.

The three credits described are not an exhaustive list and there may be more Federal and Georgia credits that apply specifically to your business. HLB Gross Collins, P.C. has been serving some of the Southeast's most prominent companies for 50 years. We work closely with the clients to ensure that they are taking advantage of all available credits and savings opportunities.

Research & Development (“R&D”) Tax Credit

The R&D Tax Credit is a Federal credit introduced in 1981 as a boost of the economy. Usage became so prolific that many states, including Georgia, created their own version of the R&D Tax Credit. In general, the R&D Tax Credit is to help a company offset dollar-for-dollar incremental research expenses. Manufacturers and distributors may be eligible for the credit, for example, if new processes or materials are being used in manufacturing and distribution of products. This credit was made permanent with the passage of the Protecting Americans from Tax Hikes Act of 2015.

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Work Opportunity Tax Credit (“WOTC”)

The WOTC is a Federal credit provided to employers hiring persons belonging to specific groups, and there are special guidelines with extended credit for qualified veterans. In general, the credit can be equal to 40% of first-year wages up to $6,000. The Protecting Americans from Tax Hikes Act of 2015 extended the hiring deadline to January 1, 2020, meaning the employee must be hired and start working before that date to be counted as part of this credit.

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Georgia Retraining Tax Credit

The Georgia Retraining Tax Credit is only a Georgia credit. The purpose is to encourage employers to continually invest in their employees by upgrading equipment, acquiring new technology, and completing ISO 9000 training. The annual maximum credit is $1,250 per employee. This credit is available to any business that files a Georgia income tax return.

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Iliana Malinov

Meet Iliana Malinov

Brock Built Homes has been pleased to work with Gross Collins since 2006. Gross Collins is so much more than what we were used to getting from our former accounting firm. Gross Collins has provided excellent advice, recommendations, business strategies, industry standards, and accounting. Our business would not be where it is today without the work that Gross Collins has provided. Brock Built Homes gives an excellent recommendation to anyone who is considering working with Gross Collins.

Steve Brock, President

Brock Built Homes

We appreciate the personal approach Gross Collins takes with our tax planning and preparation needs.

John Sudduth, Controller

Pioneer Concrete Pumping Service, Inc.

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