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Bad Credit? With Poor Credit You Can Still Refinance Or Get A Home Equity Line Of Credit
Have you decided to refinance your home or apply for a home equity line of credit but worry about your credit rating? Even with poor credit it is possible to refinance your existing mortgage or obtain a home equity line of credit. New practices in...
Credit counseling and its effects
All to often credit is fun, easy to get and even easier to use. Many people find that even though they have an excellent income, that they can not keep up with their current debt load and even if they are managing to make their monthly payments they...
Credit Ratings: How To Obtain a First Class Credit Rating
If you have no cash at all, as ever, life can be difficult, and you will need some cash to prime the pump, between $500 and $1,000. Look amongst your possessions for what you can sell by classified ads in your local newspaper, carboot sale etc and...
Credit Reports – Why Your Credit Score is Important
If you have never heard of a FICO score before, you should become familiar with the term. Named for the firm that invented it, Fair Isaac Corp., the FICO score is the three-digit credit summary that, in essence, reduces your entire financial life to...
How To Get A Great Credit Card With Bad Credit
Credit Cards For Consumers with Poor Credit Ratings
Ever wondered how and why you can go online and be approved for credit within seconds? Or receive a pre-qualified loan or credit card without anyone asking how much money you make? Or why...
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Small Business Tax Credit - Americans with Disabilities Act
Many small businesses complain when confronted with the expense of complying with the Americans with Disabilities Act. Most do not realize that there are a number of tax incentives available to offset the costs. Importantly, one tax incentive comes in the form of a tax credit, which is far more valuable than a tax deduction when it comes to creating tax savings.
Disable Access Tax Credit
If you make your small business accessible to persons with disabilities, you can take an annual tax credit. Your business is eligible if you earned one million or less the previous year or had 30 or fewer employees. If you meet this test, you can claim a tax credit of 50 percent of your expenditures to a maximum of $5,000. Since this is a tax credit, it is deducted from your total tax liability.
To claim this tax credit your expenditures must be paid or incurred to enable your business to comply with the Americans with Disabilities Act. Expenditures might include:
1. Purchase of adaptive equipment or modification of equipment;
2. Production of print materials in alternate formats such as Braille or audio; and
3. Sign language interpreters for employees or customers.
Modifications to buildings or offices also qualify as long as two criteria are met. First, the modifications cannot be construction of something new. Second, the building must have been in service prior to November 5, 1990.
Barrier Removal Tax Deduction
All businesses can take a tax deduction for expenditures incurred to
remove physical, structural or transportation barriers for disabled individuals in the work place. This tax deduction carries no restrictions in regard to revenues earned or number of employees. Businesses may claim up to $15,000 a year as a tax deduction. Expenditure amounts exceeding this amount may also be claimed, but are subject to depreciation calculations.
To claim the barrier removal tax deduction, your expenditures must be related to making a facility or vehicle accessible to disabled persons. Examples include:
1. Providing ramps and curb cuts;
2. Making restrooms accessible to persons in wheelchairs; and
3. Expanding the width of sidewalks to at least 48 inches.
Significant Tax Break
Small business owners can double their tax saving pleasure by claiming both of these tax incentives in the same tax year. If a small business spent $20,000 creating wheelchair access to an office, it could take a $5,000 tax credit and a $15,000 tax deduction.
These tax incentives are in place to significantly reduce the burden of complying with the Americans with Disabilities Act. If you failed to claim the credit or deduction during the last three tax filing years, you should file amended tax returns to get a refund.
About the Author
Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses by finding
overlooked tax deductions and credits through a free tax return review.
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