Multi-Unit Strategies - Rely on a CPA

Though the U.S. economy has been under the longest expansion period in history, there will come a point where growth slows, and yes, even a recession will return.

Such an economic downturn will undoubtedly affect the more than 759,000 franchise businesses contributing $451 billion to the U.S. GDP. While many franchise leaders are taking a cautious approach toward the upcoming economic cycle, there are things franchisees can do to better position their business for such a downturn.

Investment banker Carty Davis recently wrote about what franchisees can do now to prepare for a turn in the economy. Here's what he says about using a CPA or tax advisor to help take advantage of every available tax credit.

• Consult a CPA or tax advisor. Many business owners aren't taking advantage of every tax credit available to them. A CPA or tax advisor can tell a business owner if there are any missed opportunities, like work opportunity tax credits, new opportunity zones, and other credits.