Tax Credits and Small Businesses

Last updated on September 12, 2013

If you are running a small business, you can take benefits of various tax credits that are available to the owners of small businesses. From the many tax benefits available to you, there are three important tax credits that you can use this season if you qualify for it.

Work opportunity credit is a tax credit that those taxpayers who have employed veterans can use to reduce their tax liability. If you are a for-profit company, you can get up to $9,600 in the form of tax credit if you have employed veterans. In case of non-profit organization, you can get tax credit of up to $6,240. To get benefit from this tax credit, the veterans employed must be employed before the end of 2013.

If you have less than 30 employees working for you and your last year’s sales were less than $1 million, you can take benefit of disabled access credit if you made improvement to your business property in consideration of the requirements of the Americans for Disability Act. Under this tax credit, you can receive a credit of up to 50% of your expenditures. The maximum credit you can receive is $5,000.

Small business owners can receive help from the government in providing health insurance to their employees. This tax credit is available to businesses that pay at least half of the cost of single coverage for their employees. This credit was passed in March, 2010, to help businesses and tax-exempt employers to provide health cover to their employees.

These credits can help small businesses save their money, provide benefits to their employees and make improvements in their business.