Article by Gary Wallace Published by Virginia Business Magazine
Posted on 04.06.15
Author: Gary G. Wallace, CPA
Gary’s article discusses incentives that businesses should capitalize on to lower their tax burden.
"The U.S. corporate tax rate is one of the highest among developed nations. According to National Association of Manufacturers President and CEO Jay Timmons, “Comprehensive tax reform for manufacturers of all sizes is essential to unleashing the economic power of manufacturing and making the United States the best place in the world to manufacture. Our outdated and uncompetitive tax system is holding us back from competing with nations that have adopted pro-growth systems.”
The tax-rate imbalance reveals that manufacturing businesses need to take advantage of applicable tax breaks when they are available to maintain profitability and stay competitive. While accelerated depreciation is frequently noted as a tax benefit, a few other incentives are available to manufacturers."