Our expertise in manufacturing and distributing has allowed us to develop a unique focus for tool builders. As industry leaders, we focus on our clients’ needs, participate in industry associations and regularly publish articles and columns in trade publications.

Our team can help determine if your tool shop is eligible for several opportunities including the ones below:

  • Research & Experimentation Tax Credits
    The Research and Experimentation Tax Credit rewards tool builders for developing custom tooling designs or experimenting with tool-specific processes or fixturing. Tool builders and moldmakers may see a positive impact on their tax filings with new regulations. Our team explains inMold Making Technology - New Regulatory Impacts.

  • Export Incentives (IC-DISC)
    The Interest Charge – Domestic International Sales Corporation (IC-DISC) is available to both manufacturers and distributors, and it is not limited to any specific type of entity. An IC-DISC can enable a tool builder to reduce overall income tax liabilities related to their exports, however, proper planning is necessary to ensure that the IC-DISC is established correctly and that tax benefits are maximized each year. Find out how Mueller Prost helps our clients in this issue of Mold Making Technology - Permanent Tax Savings

  • Manufacturer's Deductions (DPAD)
    The domestic production activities deductions (“DPAD”), also known as the Manufacturer’s Deduction, is an extremely beneficial provision of the Internal Revenue Code for companies that operate in the moldmaking industry in the U.S. The team at Mueller Prost can help companies ensure they are calculating the proper amount of DPAD, as well as help establish procedures that substantiate such positions in the event of an IRS examination. Partner Michael Devereux offers Steps to compute DPAD in Mold Making Technology - Tax Benefits from Manufacturing in the U.S.

  • Accounting Methods
    Our team will help you determine the most advantageous method of accounting for your tool shop. We’ll analyze long-term vs. short-term contracts, cash vs. accrual, and more in order to ensure your shop is reporting the proper amount of income each year. Commonly used methods are discussed in Mold Making Technology - The Bottom Line: A Method to the Tax Madness

  • Fuel Excise Tax Credit
    Do you use forklifts fueled with propane gas? Our professionals will determine if you are eligible for an Alternative Fuel Tax Credit of $.50 per gallon for all of the propane gas used in forklifts.

  • Hiring Incentives (WOTC)
    Many of our clients benefit from the Work Opportunity Tax Credit (WOTC) credit when they employees in targeted groups. A common targeted group is veterans. In general, the maximum WOTC for hiring a qualifying veteran is $2,400. However, it can be as high as $4,800, $5,600 or even $9,600, depending on a variety of factors. Partner Michael Devereux explains in his column, Mold Making Technology - The Bottom Line:  Hire a Veteran
    Contact us to learn about other targeted groups and how to use the WOTC.


In addition to the tax savings opportunities listed above, Mueller Prost offers additional services to tool builders:

To schedule a consultation, or to learn more, contact Mike Devereux II, CPA, CMP

For further assistance, contact:


Michael Devereux II, CPA, CMP
Partner and Director of Manufacturing, Distribution, and Plastics Industry Services
mdevereux@muellerprost.com
(314) 862-2070


 

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