How tax preparers save small businesses money on manufacturing
Manufacturing businesses face unique financial challenges, but tax preparers can help unlock significant savings by optimizing tax strategies. With their expertise in identifying deductions, credits, and cost-saving opportunities, tax preparers ensure that small businesses in the manufacturing industry are maximizing their financial potential.
Here are five ways tax preparers save small businesses money on manufacturing:
Tax Credits: Tax preparers identify eligible credits, such as the Research and Development (R&D) tax credit, to reduce manufacturing costs and enhance innovation.
Cost of Goods Sold (COGS) Deductions: They help businesses maximize deductions for raw materials, labor, and overhead costs, lowering taxable income.
Depreciation Deductions: Tax preparers ensure businesses take full advantage of accelerated depreciation methods for machinery and equipment, reducing tax liabilities.
Section 179 Expensing: They guide small businesses in using Section 179 to immediately expense the cost of qualifying equipment and machinery, improving cash flow.
Inventory Management: Tax preparers assist in selecting the best inventory accounting methods (e.g., FIFO, LIFO) to minimize taxable income and optimize cost reporting.
About Hunter Tax Associates
Founded in 2017, Hunter Tax Associates is a boutique tax firm that helps businesses and individuals strategize how to best position themselves for successful financial outcomes.
Contact Us
Need to request an appointment? We recommend contacting us through our form. It gives us a quick snap-shot on how best prepare for a consultation.