Are you unsure of what kind of tax credits your small business is eligible for? Don't worry, The Marshall Group of NC, INC has you covered! In this blog post, our company will give you a quick rundown of six different types of tax credits for businesses that could help you save some money. Contact us to learn more!
6 Tax Credits in 60 Seconds!
6 Tax Credits in 60 Seconds!
1. Cost Segregation
This tax credit is for businesses that have recently built or purchased a commercial building. By conducting a cost segregation study, you can reclassify some of the building's components as personal property, which allows you to take a depreciation deduction each year for a shorter period.
2. R&D Tax Credit
The R&D tax credit is available to businesses of all sizes that are conducting research and development activities in the United States.
3. Work Opportunity Tax Credit (WOTC)
This federal tax credit is available to employers who hire individuals from target groups that have historically faced barriers to employment, including veterans, ex-offenders, and recipients of certain types of public assistance. You can claim up to $9,600 per qualified employee.
4. COVID Employee Retention Credit
This is a payroll tax credit available to eligible employers that have been negatively impacted by COVID-19. You can claim up to $26,000 per qualified employee.
5. Disaster Retention Credit
The Disaster Retention Credit is available to businesses affected by a major disaster. You can claim up to $2,400 for each existing employee who earned wages.
6. Property Tax
The Property Tax credit is available to businesses that pay property taxes on their business premises. The credit can be used to offset the cost of property taxes paid on both real and personal property.
These are just a few of the many tax credits available to small businesses. To learn more about these and other tax credits for businesses, contact The Marshall Group of NC, INC! Our team of experienced professionals will be happy to help you find the best way to save money on your taxes. Check to see what tax credits you’re eligible for today!