Tax credits often get confused with tax deductions. Tax credit incentives are earned by businesses for certain activities, like hiring or expansion, and they are loftier in savings to tax deductions. Tax credits give businesses an incentive to act in a way that benefits the economy, the environment, business development, or other business purposes and credits are deducted from income before income tax is determined.
- The Work Opportunity Tax Credit (WOTC) provides employers a credit for hiring qualified veterans and others from specific targeted groups.
- The NEW Research & Development (R&D) Tax Credit also gives small businesses a chance to earn it by product development or improvements to quality,
function or reliability, by improving business performance including payments to employees or outside researchers. - Small Business Health Care Tax Credit is available to businesses with less than 25 FTE, offering health insurance for the first time or to maintain coverage that already exists for businesses that pay at least ½ of the cost of single coverage for their employees.
- “Go Green” Business Tax Credits and Deductions are offered to businesses that have the equipment to increase energy efficiency or environmental friendliness.
- Disabled Persons Access Tax Credit is for businesses making accommodation changes, barrier removals, facilities updates for employees and customers with disabilities
For additional information on how we can assist your organizations to contact CCC at 800.207.6926 or contact@corporatecostcontrol.com.
