Tax Reduction and Tax Credit Program

Businesses can decrease payroll tax expenses by offering a wellness plan through a Cafeteria Plan, with potential savings ranging from $400 to $700 per employee annually. A property tax mitigation service is available to ensure you’re not overpaying, with fees contingent upon verified savings. Cost segregation studies can accelerate depreciation on certain assets, leading to tax savings. Additionally, significant R&D tax credits are often underutilized, with recent regulations simplifying the qualification process. The Worker’s Opportunity Tax Credit also offers benefits for hiring from certain target groups, averaging savings of $2,400 per eligible hire. Leveraging these tax strategies is essential for minimizing tax liabilities.

Expense Reduction Program

To improve profitability, business owners can reduce expenses through various audits offered by professionals. These include Worker’s Compensation Audits to recover overcharges, Credit Card Audits to uncover excessive charges and negotiate lower rates, Waste & Recycling Audits to identify billing errors and overcharges, and Parcel Shipping Audits using specialized software to claim refunds from carriers such as FedEx or UPS. These services are designed to lower costs without needing to switch service providers, aimed at helping businesses operate more efficiently and boost revenue.

Business Funding Program

Coromar Business Strategies aims to bolster business profitability by aiding in tax and expense reduction, income increase, and advising on suitable cash flow methods. They offer guidance on conventional business loans like term loans and SBA loans, as well as alternatives such as merchant and ACH cash advances or asset-based lending. Moreover, they specialize in custom-tailored loans for unique business needs, including unsecured credit and equipment financing. Their expertise is in creating a financial plan aligned with the specific goals of the business.

Employee Benefits Program

Coromar Business Strategies offers affordable and comprehensive benefits solutions to help businesses attract and retain employees without excessive costs. Their services include consulting on and implementing a range of benefit options like wellness programs, group medical, dental, vision, life, and disability insurance, long-term care insurance, voluntary worksite benefits, employee assistance programs, and various retirement plans. They emphasize creating customized benefits packages that are economically viable for businesses while providing valuable options for employees. 

Business Owner Legacy Program

The Business Owner Legacy Program assists in ensuring a seamless transition of ownership, preparing for orderly transfers and crafting Buy-Sell Agreements among other services. It helps business owners focus on the present operations while also securing their future through planning. Benefits of the program include smoother ownership transitions, succession preparation for next-generation or key employees, partnership succession, and stability through Buy-Sell Agreements. The program also offers retirement planning, including both qualified and non-qualified plans, and facilitates business valuation. This dual focus allows business owners to prepare for succession while also utilizing business resources for personal gains.

Key Employee Retention Program

A successful business can experience significant disruption when a key employee leaves for reasons like better opportunities elsewhere, starting their own venture, disability, or death. Such an exit often leads to negative external and internal effects such as decreased service quality, dissatisfied clients, and operational challenges. The impact varies, with some businesses recovering or even improving, while others decline or fail, largely depending on their level of preparedness.

Coromar Business Strategies provides special benefit programs to retain critical staff and financial plans to face the loss of a key member. By proactively addressing the potential loss of vital personnel through these programs, businesses can turn what could be a significant setback into a manageable event.