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Retailers

Claim Your Tax Credits

$7.4B

Annually

$2,400

New Employees

$26k

Existing Employees

$170k

Average Per Property

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The retail industry is the back bone of our national economy.  Historically store operators have paid a higher effective tax rate and lagged behind other industries in capturing the nearly 3,000 Federal, State, and Local tax credits and incentives.  It's time for that to change.  How can you be a back bone to the nation if you're not being supported by that nation to expand and grow.  Now you can!  The Tax Management System is designed to help Retailers like yourself capture all tax credits and incentives that are available to you.

The Retail Industry

With large workforce populations, consistent employee turnover and multiple locations, retail chain stores are ideally positioned to benefit from the nearly  federal, state and local tax credits and incentives.  But it appears that many retail businesses are failing to take advantage of programs to which they are entitled.  This means they are missing out on their portion of over $60 billion awarded annually to drive job creation, employee training, capital investment and new business development. 

Retail businesses most likely to benefit are those that are expanding, relocating, or upgrading facilities; experiencing closures, consolidations, or changes in production or processes; and training or retraining their new and existing workforce. Opportunities are also available for increases or decreases in employment, job relocations, and employees going from contract to permanent status.

If we are realistic all retailers are currently experiencing one if not all of the above.  Let us help you get the tax incentives and credits that you are entitled to.

Tax Credits Just For You

$7.4B  Claimed Annually

There is a common misconception about this tax credit's applicability to many industries' operations. When you hear the term "R&D Tax Credit," do you automatically assume it doesn't apply to your industry? You shouldn't because, in most cases, it does.
 
The R&D Tax Credit is rewarded to businesses of all industries and sizes simply for taking a technical approach to problem-solving.
 
R&D credit eligibility is much broader than many companies realize, applying not only to product development but also activities and operations. Clarifying what qualifies you for the R&D Tax Credit is the first step in claiming the credit and reducing or eliminating your company's tax burden.
Claim Your Portion of $7.4B
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$2,400 New Employees 

If your like most retailers you’re having difficulty finding new hires to expand or replace employee turnover. At the same time, you’d like to reduce your tax liability for 2022.
 
Practical solution: Kill two birds with one stone by hiring workers from “target” groups. About $1 billion in WOTC are claimed each year. On average, 17% of retail employees qualify for WOTC.  

The  challenges of claiming WOTC have been eliminated with the Tax Management System. The system handles everything from your candidate survey to submission to your state workforce agency and everything in between.  
How much is your WOTC?

$26,000 Existing Employees

The Employee Retention Tax Credit hype in the media is currently overwhelming!  Because of this many businesses are dismissing it and missing out on its impact. 

Retail 1
ERC is legitimate and very relevant to the hospitality industry as it can completely remove a your payroll tax liability and generate a cash refund if the company faced setbacks, such as supply chain concerns or capacity limitations, due to government orders, which most retailers faced during 2020 & 2021.  This tax credit can provide up to $26,000 per each qualified employee and a retail business can average a benefit into the millions.
How much is your ERC?

$170,000  Properties & Facilities

Many retailers own or lease their buildings yet fail to take advantage of cost segregation, a tax-reduction strategy that generates substantial savings in federal income taxes even though they are one of the industries that qualify the highest.
 
Buildings used in a trade or business are typically depreciable over 39 years. But parts of a building are classified as personal property for tax reporting purposes.   A cost segregation study identifies these components, assigns a value to them, and enables the owner to depreciate those items over a shorter time frame, typically 15 years. When components can be depreciated over any period less than 20 years, they become eligible for 100% bonus depreciation, meaning the owner can immediately recoup their value in the form of tax deductions.
 

A cost segregation study gives you the time value of your money. The improved cash flow can help purchase new equipment to ramp up production, buy inventory, or whatever the owners see fit.

Calculate Your Cost Segregation Benefit Now
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Unlock Your Business's Financial Potential

Take the first step by scheduling a complimentary guided assessment with Snapshot Business Services. Our experts are ready to provide valuable insights and tailored recommendations to drive your business forward.

Schedule your FREE Guided Assessment