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The Silent Drain on Your Bottom Line

Imagine running a successful small business—sales are steady, your team is growing, and you’re hitting milestones. But behind the scenes, you’re unknowingly losing thousands each year. The culprit? Unclaimed tax credits.

 

For small businesses across South Jersey, especially in Gloucester County, this isn’t a rare mistake—it’s a silent epidemic. According to industry studies, up to 70% of eligible businesses fail to claim the tax credits they’re entitled to. That’s not just an oversight; it’s money left on the table—money that could cover payroll, upgrade equipment, or fund your next expansion.

 

Deductions vs. Credits: The Game-Changing Difference

Before diving into the missed opportunities, let’s set the record straight:

 

• Tax Deductions reduce the amount of income you’re taxed on.
• Tax Credits directly reduce your tax bill dollar-for-dollar.

 

For example, a $5,000 deduction might save you $1,000 in taxes. But a $5,000 tax credit saves you $5,000 outright. The financial impact? Immediate and significant.

 

Most Commonly Missed Tax Credits (And Why They Matter)

✅ Research & Development (R&D) Tax Credit

Think it only applies to tech firms? Think again. Local businesses—like contractors developing new materials or restaurants refining systems—can qualify. Here’s how contractors in Gloucester County improve their bottom line with professional accounting.

 

✅ Work Opportunity Tax Credit (WOTC)

If you’ve hired veterans or individuals from other targeted groups, you may qualify for thousands in credits per employee. It’s part of why our payroll management services include compliance screening.

 

✅ Employee Retention Credit (ERC)

Many businesses still don’t realize they can file retroactively for this pandemic-era credit. One of our tax planning clients recovered over $80,000 after a strategic review.

✅ Disabled Access Credit

Upgrades to improve accessibility aren’t just good ethics—they can qualify for significant tax offsets.

 

✅ Small Business Health Care Tax Credit

If you provide employee insurance through the SHOP marketplace, this credit could reimburse up to 50% of premiums. Don’t guess—our specialists can run a benefits check.

 

Why Are These Credits So Often Overlooked?

Quick Stats:

 

• 70% of eligible small businesses miss tax credits (source: U.S. Chamber).
• 1 in 3 believes they’re not eligible—yet qualify under IRS rules.
• Fear of audits deters 28% from claiming credits, even when legal.

 

❌ Misconceptions About Eligibility

Many business owners think credits are “for bigger firms.” That belief alone causes countless businesses to miss out.

❌ Lack of Awareness

Credits change yearly. Without a proactive advisor, you might never know what’s available.

❌ Documentation Gaps

Not keeping good records? You could be missing proof required to claim credits. Here’s a record retention guide to help.

 

What Happens When You Do Claim the Credits?

Before:
You’re overpaying taxes, running lean, and wondering why cash flow is always tight.

After:
You reinvest $10K–$50K in savings back into your business—hiring, marketing, upgrading systems.

 

That’s not fantasy—it’s the difference real clients in Washington Township and Turnersville have experienced with TMD Accounting’s help.

How to Start Catching Every Credit You’re Owed

Step 1: Schedule a Strategic Review
Let our team perform a personalized audit of your last 3 years of returns.

 

Step 2: Identify & Document
We’ll help uncover missed opportunities and prepare the documentation you need.

 

Step 3: File or Amend
We handle the paperwork, file retroactive claims where applicable, and help set up systems to avoid missing credits in the future.

 

Already have a bookkeeper or accountant? We can collaborate or offer a second opinion.

 

Real Gloucester County Example

A small Glassboro-based manufacturer developing eco-friendly packaging had no idea their process improvements qualified them for the R&D tax credit. After engaging TMD, they recovered over $38,000 in retroactive credits.

Visual Enhancements (Suggestions):

• Infographic: “Top 5 Missed Tax Credits by NJ Small Businesses”
• Before/After Table: Revenue impact of claiming vs. missing credits
• Quote Block: “We thought tax credits were out of reach—TMD showed us how wrong we were.”

The Bottom Line: You’ve Earned It—Now Claim It

Missing tax credits isn’t just unfortunate—it’s avoidable. The real tragedy isn’t overpaying, it’s continuing to do so when the solution is right in front of you.

 

If you’re ready to stop leaving money on the table, it’s time to act.

 

👉 Book your free tax credit review with TMD Accounting
Your future self—and your balance sheet—will thank you.