After Tax Season: Tax Credit Reviews!

Now that the April 18 tax deadline has passed, it’s a great time to review the tax credits that your clients are using (or NOT using). Schedule After Tax Season Reviews for client analysis, planning and follow up during the slow summer months.
ANALYSIS – Start with your tax software. By leveraging the software’s report writer and data analytics, you may be able to find a lot of opportunities. Here are a few areas to analyze:
  • Which of your corporate clients are using tax credits?
  • What about the individuals that receive K-1s from companies that are not your clients?
  • What about other incentives such as cost segregation and Section 179-D ?
PLANNING – Now develop a plan to follow up with your clients for the following situations:
  • Using credits – If the corporate or individual clients are using tax credits, how has their experience been? What other credits should they be considering? What are their plans for 2017 and beyond?
  • Not using credits – If the client is not using tax credits, you need to find out why. What assistance can your firm or other 3rd party firms provide?

FOLLOW UP – For each client, schedule an in-person meeting! It’s a great opening to review the custom analysis you prepared and discuss opportunities for tax credits and other incentives. Most importantly, it will strengthen your relationship with your client and may bring more $$ business to your firm.

JimSig