1. What is a business tax credit?
A tax credit is a dollar for dollar value that is used to offset corporate income taxes owed.
2. How are tax credits different from tax deductions?
Tax credits are applied on the taxes owed and tax deductions are deducted from your gross income. Simply put, in the state of GA, $6,000 tax credits are equivalent to $100,000 in tax deductions.
3. Doesn’t my CPA already do this for me?
Each tax credit program has its own specifications and jurisdictions. Generation of the tax credits is not a part of general accounting. You need a tax credit specialist to fully take advantage of the 90+ tax credits available to you. Our team of specialists works with your CPA to make sure that you get the maximum amount of tax credits.
4. Why do you need to work with my CPA?
TRACS GROUP is not a CPA firm, we strictly specialize in building tax rebates and credits, and we do not prepare tax returns for you. We do work with your CPA to make sure you utilize all the tax rebates and credits we generate for you.
5. This sounds too good to be true, what’s the catch?
There is no catch. Tax credits have been around for decades. The names of each program change constantly along with requirements and laws. TRACS Group keeps up with the changes ensuring that you get the most out of each tax credit now and for years to come.
6. How do I know if my company qualifies?
If your company is in one of the industries below or if it is physically located in an Opportunity Zone with at least one employee then your company is eligible for tax credits.
3. Contract Centers
4. Data Centers
7. Energy and Environment
8. Film, music and digital entertainment
9. Financial services
12. Information Technology
13. International Trade
14. Life Sciences
15. Logistics and Transportation
17. Research and Development
7. What is an Opportunity Zone?
An Opportunity Zone is an underdeveloped area or an area that has been planned for redevelopment or revitalization. The State of Georgia designates these areas as opportunities for businesses to help create jobs in these communities and strengthen the local economy.
8. What are the tax credits that are available to me?
This will depend on several factors and will require one of our tax credit specialists to assist you. Please give us a call at 855-ON-TRACS (668-7227).