In 2017, Josh Alballero, built an accounting and tax preparation software called IOOGO, with a mission to save small businesses, startups, and entrepreneurs time and money. After using his proprietary technology in his own business, his team can spend more time supporting and managing his client’s finances!
Are you wondering why you should be looking for ways to broaden your tax and accounting knowledge? When you utilize the simple solutions of IOOGO like accounting services, you can save time and money too!
What’s a tax credit every startup and small business should know about?
Josh Alballero: The R&D tax credit of the “Credit for Increasing Research Activities” is one of the greatest tax credits available to innovative startups and small businesses in any industry. You do not even need a specific research and development department to qualify for the credit in many cases! Businesses miss out on this incentive because they assume they won’t qualify, but there’s a good chance your business can benefit from the R & D credit.
There are two major benefits of the R&D credit:
You get access to more resources! This credit can help provide you with resources you’d need during the research and development stage, such as staff members and funding. This credit can provide you with the money to fund these things, so you can focus on growing your business.
You get many expenses covered! The R&D credit can help you cover expenses related to wages, supplies, consultant fees, contractor fees, prototyping, tooling, surveys, studies, equipment, and more! Businesses could expect to get a return of about 10 – 15% of what they spent on Research and Development.
Always consult a tax professional or accounting firm’s expertise to take full advantage of the credits available to you. The last thing you need to do is to pay more taxes than you’re required to, and a tax professional can help lower liability and increase cash flow.
What is IOOGO’s mission?
Josh Alballero: The word IOOGO plays on the Latin word “iugo” which means “to connect”. It’s our goal to connect our customers to simple solutions that will make a big difference in their business. Ultimately, it’s our goal to create real solutions and savings for our clients, and we do it with our bookkeeping, financial accounting, tax preparation, tax planning, and tax representation services.
Hiring an accountant professional can help you take your business to the next level, in much less time. To learn more about hiring an accounting expert to support your start-up’s financial needs, visit www.ioogo.com.
