Tax Incentives and Credits Lawyers in St. Louis

Helping Taxpayers Identify Every Opportunity for Savings on Their Tax Bills

They say death and taxes are the only certainties in this life, but this doesn’t necessarily have to be true. For some taxpayers, the availability of tax credits and incentives are also certain. However, many individuals and businesses don’t realize that they qualify. This can result in the loss of large amounts of money. However, a tax incentives and credits lawyer in St. Louis may be able to help you avoid such an outcome.
At The Law Firm of Lance R. Drury, P.C., we know that tax burdens can be difficult to deal with. Far too many individuals and corporations experience undue hardships because of tax liabilities, but there are a variety of ways to lessen the load. Incentives and credits can vary by jurisdiction and change significantly due to new legislative agendas, but our St. Louis tax attorneys stay up to date and will work to lessen your financial obligations.
Contact us today for a free consultation.

What Federal Tax Incentives and Credits Are Available?

Whether you work for an employer or you’re an executive of a large company, everyone has to pay federal taxes. Unfortunately, the United States tax code is among the most complicated in the world. This is why many people opt to work with a tax attorney.
In addition to navigating the many legal complexities of the system, they can see if you qualify for the following credits and incentives:

Individuals

Earned Income Tax Credit (EITC): This credit is granted to individuals and families with low to moderate incomes.
Child tax credit (CTC): The IRS offers credit for each qualifying child who has not yet turned 17.
American Opportunity Tax Credit (AOTC): Assists individuals with expenses related to higher education.
Lifetime Learning Credit: This federal credit applies to qualified tuition expenses and related costs.
Saver’s credit: This credit encourages individuals to save for retirement by incentivizing retirement account contributions.

Companies

Work Opportunity Tax Credit (WOTC): A federal credit that goes to companies for hiring employees from certain target groups.
Research and Development (R&D) Tax Credit: Incentivizes companies to make investments in research and innovation activities.
Energy Efficiency Tax Credits: Businesses that invest in renewable energy and energy-efficient property or equipment may qualify.
New Markets Tax Credit (NMTC): Federal credits to companies that invest in low-income communities.

Missouri State Tax Incentives and Credits

Individuals and companies also have to pay state taxes. However, the rules they face — along with the potential to minimize their tax liabilities — will vary depending on where they live. If you reside or work in Missouri, our tax incentives and credits lawyers in St. Louis can help you understand whether you qualify for the following:

Individuals

Missouri Property Tax Credit (PTC): Homeowners and renters who meet certain requirements may qualify for relief.
Missouri Earned Income Tax Credit (EITC): This is a state-level version of the federal government’s EITC. It offers additional relief to individuals and families who have low incomes.
Senior Citizens Property Tax Credit: Eligible senior citizens can get relief from property taxes paid on their primary residence.
Adoption Tax Credit: If your family adopts a child, you may be able to gain certain credits for qualified expenses.

Companies

Missouri Quality Jobs Program: Businesses that make significant investments in our state and create jobs may qualify for tax incentives.
Missouri Enterprise Zone Program: There are designated distressed areas throughout Missouri. Businesses that locate and create jobs in these areas may qualify for incentives.
Missouri Historic Preservation Tax Credit: Our state provides tax credits to cover eligible expenses related to the rehabilitation of historic structures.
Missouri Neighborhood Assistance Program (NAP): Businesses that contribute to approved community improvement projects can garner additional tax credits.

What if You Miss Out on Tax Credits and Incentives?

In a perfect world, people and businesses would always know how to reduce their tax liability. Unfortunately, this isn’t the case. Federal and state law can be complex, and it’s not as if individual announcements are sent out every time a new way to reduce financial obligations is passed. This is why many people choose to hire a St. Louis tax incentives and credits lawyer.
However, what happens if you already filed and paid your taxes? Is it possible to take advantage of credits and incentives you didn’t know about? In many cases, the answer is “yes.” It may be possible to file an amended tax return, or you may have the option of claiming credits on your next return. In these cases, it may not be too late to reduce your tax liability.
Of course, everyone’s situation is different. Your ability to retroactively take advantage of tax credits and incentives can vary, so contact an attorney today.

Contact Our Tax Incentives and Credits Lawyers in St. Louis

Taxes are one of the greatest burdens faced by individuals and companies alike. We have to pay taxes on almost everything in America — from a gallon of milk to millions in corporate profits. We even pay taxes on things we already own! However, there are often many ways to reduce your obligation to tax authorities. An experienced attorney may be able to help.
At The Law Firm of Lance R. Drury, P.C., our legal team is committed to simplifying tax law and minimizing financial liabilities for each of our clients. The law is constantly changing, and opportunities for savings that did not exist a year ago may now be available. Our tax incentives and credits lawyers in St. Louis can help ensure you’re saving as much as possible.
Contact us at (573) 508-0399 today to schedule your free consultation.