Oct 08

Take Advantage of Tax Credits

Did you know that most small business owners are unaware that they are qualified for tax credits? The government does give tax incentives to companies regardless of its size. The US government motivates innovation and provides Research and Development tax credits to engineering companies, chemical manufacturers, software companies, and others that will move the nation forward in terms of technology.

Most tax consultants discovered that many small and mid-sized companies are unaware of this tax program by the government. They probably believe only companies such as Microsoft or Apple are eligible. Some even end up getting thousands of dollars back from tax overpayments after applying for the tax credits for the first time.

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Aside from R&D tax credits, there are also tax credits for new markets, low-income housing, energy efficiency, and maybe even more. If you own a small business and you are not aware of these tax programs, try learning about them or hiring a third party consultant to help you in this area. A consultant may be extra expense, but the benefits more than outweigh this one-time charge if you end up being qualified for tax credits. I recommend you try to get information on the tax credits available for businesses and the eligibility requirements. And if you feel confident that your company qualifies under any of them, it may be a good time to hire a professional to help you with the details or give you advice.

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