The Biggest Tax Credits Businesses Overlook (and How to Claim Them Before It’s Too Late)

Every year, thousands of businesses leave money on the table—not because they’re failing to sell more or cut costs, but because they’re missing out on tax credits they already qualify for. 

Unlike deductions (which reduce taxable income), credits reduce your tax bill dollar-for-dollar. Yet many business owners never hear about them because their accountant is focused only on compliance, not proactive planning.

At Straight Talk CPAs, we’ve seen clients recover tens of thousands—even hundreds of thousands—through credits and incentives. Let’s explore the most overlooked credits, who qualifies, and how you can take advantage of them before deadlines pass. 

1. Research & Development (R&D) Tax Credit

What it is:
A federal incentive for businesses that innovate. You don’t have to be a lab-coated scientist to qualify. If you’re improving processes, developing software, or creating new products, you may be eligible. 

Common industries that qualify: 

• Software development and SaaS 
• Manufacturing and product design 
• Engineering and construction 
• Food & beverage innovation 

Example:
A mid-sized construction company improved its estimating software to streamline bids. They didn’t think of it as “R&D.” But the IRS did—and the company claimed over $120K in credits. 

2. Work Opportunity Tax Credit (WOTC)

What it is:
A federal credit for hiring individuals from certain targeted groups, such as veterans, long-term unemployed, or individuals receiving government assistance. 

Why it matters:
You’re already hiring. With better planning, you can turn those hires into significant tax savings. 

Example:
A restaurant group we advised qualified for more than $80K in credits simply by formalizing their process for screening new hires under WOTC. 

3. Employee Retention Credit (ERC)

What it is:
Originally created during the pandemic, the ERC still offers retroactive opportunities for businesses that retained employees under certain conditions. 

Why it matters:
Some businesses wrongly assumed they didn’t qualify because they took PPP loans. In reality, many still do—and the amounts can be substantial. 

Example:
One client had never explored ERC because their prior accountant told them they didn’t qualify. We reviewed their case and helped them claim over $250K in credits. 

4. Energy Efficiency Credits

What it is:
Federal and state credits for making buildings, equipment, or processes more energy-efficient. 

Who it benefits: 

• Commercial real estate investors upgrading HVAC or lighting 
• Manufacturers improving equipment efficiency 
• Businesses building new energy-efficient facilities 



Example:
A real estate investor received nearly $40K in credits after upgrading multi-unit properties with energy-efficient systems. 

5. State-Specific Incentives

Many states offer their own credits—ranging from job creation to film production to investment in distressed areas. These often fly completely under the radar. 



Example:
A tech company relocating part of its operations to a designated state enterprise zone received over $75K in combined tax credits and incentives. 

Why Businesses Miss Out

• Reactive accountants. Many CPAs focus on filing, not forward-looking planning. 
• Misunderstood criteria. Business owners assume credits don’t apply to them. 
• Missed deadlines. Some credits must be claimed in real-time—not after the fact. 
• Lack of documentation. Businesses don’t track expenses or hire in ways that support credit claims. 
  

Straight Talk’s Approach to Tax Credits

At Straight Talk CPAs, we don’t wait until tax season. We build credit review into our year-round planning process. 

Here’s how we do it differently: 

• Industry-tailored reviews: We know where credits hide in SaaS, real estate, manufacturing, and professional services. 
• Proactive documentation: We help you track expenses and hires properly so claims hold up. 
• Integration with strategy: Credits aren’t just a refund—they fuel cash flow, reinvestment, and growth. 
• Ongoing monitoring: As laws change, we update strategies so you never miss a window of opportunity. 
  

Quick Checklist: Are You Missing Tax Credits?

• Have you improved processes, software, or products recently? 
• Did you hire veterans, long-term unemployed, or other targeted groups? 
• Did your business retain staff during COVID? 
• Have you invested in energy-efficient upgrades? 
• Are you expanding, relocating, or creating jobs in certain states? 

If you answered yes to any of these, you may be eligible for substantial savings. 

Conclusion: Don’t Leave Money on the Table

Tax credits are not loopholes—they’re incentives designed to reward the very things you’re already doing to grow your business. The tragedy is how often they go unclaimed. 

At Straight Talk CPAs, we make sure you capture every opportunity—turning overlooked credits into cash flow that fuels your future. 

👉 Ready to find out what you’ve been missing?