Tax Credits

DON’T OVER LOOK THE FOLLOWING SMALL BUSINESS TAX CREDITS!

1. Credit for retirement plan startup expenses up to $500.

2. Disabled access credit. Roughly, of 50% of your expenditures up to a maximum credit of $5,000 for qualifying small business.

3. Work opportunity tax credit. If you hire veterans you may qualify you to receive up to $9,600.

4. Small employer health insurance premiums. If you have fewer than 25 employees, and paid average annual wages of less than $50,000 you may qualify for this credit.

5. Empowerment Zone credit. If your business resides in an empowerment zone, you may claim the credit.

6. Credit for employer Social Security and Medicare taxes. If you own a beverage or food service establishment where tipping is customary, you may receive credit for the amount of Social Security and Medicare taxes you paid on employee tips reported to you.