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As business owners know, we are smack dab in the middle of tax season. Yay! But with the tax code spanning over 70,000 pages, most entrepreneurs don't have the time to comb through it to figure out which tax credits are available.
Have no fear, FindLaw is here. Before you scramble to submit your tax return the day before its due, consider these three business tax credits that could really pay off for you:
Did you hire a veteran last year? You may qualify for the Work Opportunity Tax Credit. The WOTC applies to companies that hire members of certain target groups and qualified veterans. You could claim a credit of 40 percent of the worker's first year wages up to $6,000.
However, you must first certify with the IRS that the worker is a member of a targeted group or a qualified veteran before you can claim the credit.
Did you make any physical improvements on your business? If those improvements increased accessibility, you may qualify for the disabled access credit.
This credit applies to small businesses with less than $1 million in revenue or less than 30 full-time employees. You could claim up to 50 percent of the first $10,000 of expenses, or a maximum of $5,000.
Qualifying expenditures include building a ramp to make doors more accessible, removing a wall to make a bathroom stall wider, or printing materials in accessible formats, such as braille or large print.
Do you provide childcare for your employees? The employer-provided childcare credit might make it a worthwhile investment.
This credit allows you to claim 25 percent of childcare facility expenditures and 10 percent of resource and referral expenditures. These expenses include building and operating expenses for an in-house childcare program and fees paid to an outside childcare provider.
Business owners can claim a maximum credit of $150,000 a year. That's a lot! Also, the added benefits of providing child care include improved employee retention, increased productivity, and reduced absenteeism.
Of course, this is not an exhaustive list of all the tax credits available. An experienced tax attorney can help you determine what other credits your business may qualify for.
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Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.
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