When it comes to being in business there's no shortage of tools, policies, vendors, and taxes which are required to run your business. The unfortunate thing is all of these categories create a money flow going away from your business. Trying to save money in these areas you've been told/sold means you have to change vendors, change insurance polices, basically disrupting a system you're used to which slows your business down.

Here at Wealthy Consulting we have partnered with two firms who specialize in recovering or capturing taxes and incentives for businesses. They can also help save you money on credit card transactions, shipping costs and waste disposal all without changing vendors or insurance policies. All of this is done for you without paying anything up front. If our partners don't find you any savings or money owed to you (which happens maybe 10% of the time) you don't pay anything but leave with the peace of mind you're in the best financial situation possible.

If money is found on your behalf, a small commission is owed for our work and the majority of the found money goes to your business. What areas can money be found for you? Read on to find out!

Cost Segregation

Cost Segregation is an engineering based study that permits commercial real estate owners to reclassify real property for depreciation purposes and reclassify it as more rapidly depreciating personal property. This reclassification results in significant cash flow benefits in both present and future years through considerably shorter depreciable tax life and accelerated depreciation methods.

Who Can Benefit?

Owners of a commercial property that:

• Was purchased or built within the last 20 years, with $500K or more in cost

• OR, has renovations/improvements within the last 20 years of $250K or more in cost

• AND, has paid federal taxes within the last 3 years, or plans to in current year

The industries who are well suited for cost segregation are

Hotels, Restaurants, Apartment/Nursing Complexes, Office/Retainer Complexes, Shopping Malls, Manufacturing Facilities, Funeral Homes, Dealerships, Golf Courses, Grocery Stores and Medical facilities.

Property Taxes

Most companies consider property taxes to be a fixed cost. However, a review of real and personal property tax assessments often results in the identification of opportunities for lower property tax bills. A property tax review can result in savings up to 10-25% or more of the total real and personal property taxes paid. Savings identified in the current year are typically realized in future years as well.

Who Can Benefit?

A commercial property that:

• Has $50,000 or more in real and personal property taxes annually

The industries who are well suited for property taxes are:

Hotels, Retirement Homes, Manufacturing, Retail Plazas, Grocery, Office Complexes

Research & Design Tax Credits

We utilize a team of highly qualified professionals including IP attorneys with engineering backgrounds and adhere to the Comprehensive Project by Project Approach methodology as required by the IRS. By following this methodology, we we qualify every applicable employee, activity, hour spent and corresponding wage paid in order to maximize the incentive for our client. We strictly adhere to the applicable sections of the code and provide first-in-class documentation to substantiate our findings.

Who Can Benefit?

A U.S. firm that:

• Has $1.5M in annual payroll

• AND, has paid Federal taxes within the last 3 years, or plan to in the current year

The industries who are well suited for R&D tax credits are:

Businesses involved in Manufacturing, Engineering, Software, Chemical & Pharmaceutical companies.

Increased benefits are available for companies that are involved in:

• Developing and improving quality and cost efficient solutions and processes

• Quality assurance and testing

• Engineering and design

• Manufacturing

• Prototyping or modeling

• Process improvement resulting in better productivity and turn around cycle

• Specialized assembly processes using technology

• Developing tooling applications and solutions

• Product development and improvement

Credit Card Processing Reduction

Our Credit Card two-phase approach to expense reduction is unparalleled in the payments industry. We correct the processing plan to reflect the most competitive plan type and rate, using formulated, specific asks of the existing provider. Our team then works with the client to further reduce the nonnegotiable fees through processing optimization, where we can help qualify payment transactions at lower interchange rates by passing through additional processing data.

Who Can Benefit?

Businesses who annually process in excess of $300,000 in card payment volume.

The industries who are well suited for credit card processing reductions are:

We have seen the highest success rate for merchants that process credit card transactions where the card is not physically present. This is referred to as a Card Not Present (CNP) environment, and includes B2B and eCommerce companies. Companies processing card payments between $1M and $20M on an annual basis typically have the largest potential savings opportunity.

For card present locations, where the credit card is physically swiped at a terminal device, there may still be significant savings. A lot of merchants qualify, but some who may think they're not a good fit include:

• Law firms focusing on corporate litigation and transactions

• Corporate accounting firms

• Manufacturers

• Distributors eCommerce

• Online retailers

• Phone / Internet / Catalog Orders

Waste Disposal Reduction

Our waste audit service lowers our Client’s monthly expenses for solid waste, medical waste, and recycling disposables by finding billing errors, overcharges and other cost reduction opportunities by evaluating the Client’s invoices, service agreements, equipment, current service levels and pricing structure.

• 80% of commercial businesses can benefit and save with a Waste Audit

• Average Savings per Client is between $3K - $15K annually

Who Can Benefit?

Companies with a waste expense in excess of $500.00 per month in waste and/or recycling fees.

The industries who are well suited for waste auditing are:

Retail Shopping Centers, Office Buildings, Restaurants, Hotels & Motels, Hospitals, Educational Facilities, Manufacturing Companies, Large Demotion Companies, Food Distribution Facilities, Healthcare Facilities, Apartment Buildings, Grocery Stores, Construction Businesses, and any company utilizing a commercial waste service provider.

Workman's Comp.

Our Work Comp Audit identifies and recovers workers’ compensation premium overcharges by reviewing the past five to seven years of classifications, experience rating calculations and premium audit calculations. Our experience indicates that over 70% of all companies have been or are currently overcharged for their workers’ compensation premiums.

Who Can Benefit?

Industries that have an average workers compensation premium of $50K or above. Companies that have operations in more than one state increase the opportunity of recovering a refund substantially.

The industries who are well suited for workers comp savings are:

Aircraft, Amusement Park & Ski Areas, Assisted Living, Automobile Dealerships, Beverage Dealers - Wholesale, Bottlers, Box Mfg., Bldg. Operators, Cable Installation, Casinos, Carpentry, Clothing Mfg. Contractors, Food Processing, Foundry, Forklift Operations, Garbage Collection, Grocery Stores, Home Builders, Home Health Care, Hospitals, Labor Services (temp help), Lumber Yards, Machinery Dealers, Meat Processors, Mining Operations, Municipalities, Lurching Homes, Oil & Gas Exploration, Plastics Mfg., Railroad Operations, Restaurants, Sand & Gravel, Scaffolding, Scrap Dealers, Sheet Metal, Trucking, Warehousing, Wrecking & Demolition

Shipping Expense Audit

Through our Shipping Audit service, clients can expect to see up to 3% hard dollar savings in the form of refunds from their carrier. In addition, our clients average an additional 7% savings through the use of our reporting tools and cost saving optimization analytics.

Who Can Benefit?

Any company that ships packages within the continental U.S.

As you can see there are a wide array of avenues available to save or recapture costs associated with running a business. You can see your potential savings by booking an initial consultation. The results will show you what your savings or recaptured money could be, based on a real-time link with state and federal databases. Book your initial consultation by clicking the button below.