Don't Miss Out Due To Changes In Tax Law

Author: Keith Huggett

Taking advantage of tax breaks is a great way for small businesses to keep more of their profits. However, because the tax laws change frequently and can be quite confusing, many small business owners miss out on some of these opportunities.

Check out this list of seven tax breaks for small businesses. How many of them have you claimed?

1. Work opportunity credit: If you hire employees from groups such as veterans, ex-felons, high-risk youth, summer youth employees or an individual with a mental or physical disability, you may be able to claim up to $6,000 of that employee's qualified wages.
2. Disabled access credit: If you update your business facilities to accommodate a disabled employee, you may be able to claim up to $5,000.
3. Small business health care tax credit: You can claim up to 35 percent of the cost of health care premiums for your employees.
4. HIRE Act tax credits: If you hire and retain an employee who has been unemployed for more than 60 days, you can claim up to $1,000.
5. Fuel and alternative vehicle credits: Various credits can be claimed for making your business more environmentally friendly. This includes the use of biodiesel and other types of eco-friendly fuels.
6. Empowerment zone credit: If your business is located in a designated empowerment zone or renewal community, you can claim tax credits for each employee who lives and works in the zone.
7. Retirement plan credit: If you start a new retirement plan for your employees, you can claim a $500 tax credit.

All of these tax breaks come with certain eligibility requirements; a qualified business tax professional can help you identify the ones that you can claim and help you complete all the associated paperwork.

If you want to find out which tax breaks you might be missing, call the experts at The Tax Office Inc. for an evaluation. We can help you save money at tax time and throughout the year with tax planning and business services. Contact us today to learn more.