ExpenseSavvy can help you save money and enhance your profit by reducing expenses over a vast variety of expense categories. Below are just a few ways we can save you money!
Business Owners are rightfully frustrated with the complexity and length of the federal tax code. It is that length and complexity that allows the largest corporations, with their army of attorneys, to take advantage of tax incentives that others would never even know about.
Just as most doctors would not be able to perform brain surgery, most CPAs don’t have the proper expertise and experience to help their clients capture complicated tax incentives. That’s why CPAs and Financial Advisors love working with our consultants to help their clients take advantage of the specialized tax incentives and audits that are typically only taken by the largest corporations.
Some of the specialized tax services offered by our consultants include:
Cost Segregation of Commercial Property
Engineering based cost segregation studies permit commercial real estate owners to reclassify real property for depreciation purposes and reclassify it as more rapidly depreciating personal property. This reclassification can result in a cash flow increase of 5% – 8% of the building’s cost. “Cost Segregation Studies are a lucrative tax strategy that should be considered in almost every real estate purchase.” -US Treasury Department
Research & Development Credits or Manufacturing Incentives
Any company that designs, develops, or improves products, processes, techniques, formulas, inventions, or software may be eligible for an R&D Tax Credit. In addition to the current year, businesses may claim for the last three years where credits were not taken. “The R&D credit is designed to spur growth through innovation by enabling taxpayers with research-related expenditures to receive a credit against their regular income tax liability”-American Institute of CPA’s (AICPA)
Hiring Tax incentives
Many employers are not aware of the many tax incentive programs available to help companies hire and keep employees, such as: The Work Opportunity Tax Credit, Hiring Incentives Restore Employment Act, and the Small Business Jobs Act. The PATH Act of 2015 significantly expanded the platform of Hiring Incentives. Congress and the IRS want you to take advantage of these tax incentives.
Commercial Property Tax Mitigation
Commercial property owners who haven’t appealed their property taxes this year, or ever, are likely overpaying the government by thousands or tens of thousands of dollars. Besides the reduction of commercial property tax liability going forward, a commercial property tax audit may recapture overpayments from previous years.
We offer many expense reduction and overcharge recovery services, all of which are offered on a contingency basis with our zero-risk guarantee. This means that if there is no savings, there is no fee. These services are quick and simple, and typically require little to no assistance or work on our clients’ part. None of the services below require changing of vendors or providers.
Worker’s Compensation Premium Recovery
Over 70% of companies are overpaying their workers’ compensation insurance premiums. We go back 5-7 years and to identify and recover overcharges. Our review is provided on a contingency fee basis so if we can’t find savings there is no cost to the client. We do not sell insurance and we don’t ask clients to change brokers or insurance carriers.
Approximately 80% of business that pay for waste disposal are overpaying in their waste expenses. Our Waste Management Audit Service lowers monthly expenses for solid waste, medical waste, and recycling disposables by finding errors, overcharges and other cost reduction opportunities without switching their current vendor.
These days, wireless smartphones and tablets are used extensively by businesses and invoices from wireless companies often include overcharges and unnecessary fees. Our Wireless Audit Program reduces the client’s wireless bills for 24 months without needing to switch carriers.
Parcel Audit Program
Most companies are unaware that they are often overcharged for shipping services. Companies receive their monthly bill consisting of hundreds of pages of shipping invoices and have difficulty attempting to review for errors. Our Parcel Audit Program audits a company’s parcel costs via their primary carriers; usually FedEx and UPS and we’re able to request refunds to recoup those overcharges. Our process is so simple that we’ll be auditing your client’s invoices by end of day. In addition to the savings generated by the refunds, clients save, on average, 11% of their annual FedEx/UPS spend through our optimization without switching or changing a thing.
Credit Card Audits
Most businesses have tried switching their credit card processor for lower fees only to find that within six months they are back paying at the same level they were with the previous carrier. We analyze the business’ account, and work with their current credit card processing provider to lower the processing fees. To insure the business’ fees do not rise we carefully monitor their account every month for three years and constantly recover any overcharges. This program has nearly 100% success rate in identifying savings, and on average, businesses save over 21%.
Utility Bill Audits
Hidden costs, overcharges resulting from billing errors, charges for nonexistent services, and complex billing codes are typical with commercial utility bills. Our Utility Auditors analyze utility bills such as gas, electricity, sewer and water looking for discrepancies, irregularities, and errors. We can go back as far as 48 months, depending on the state, to get refunds and we setup an ongoing process for continual optimization of savings.
These are just a few of the expense categories we cover. If you'd like to get a free, no risk and no obligation consultation, simply click the button below.