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Being a LEARNER, not MBA business plans - key to success. Are you a LEARNER?
Being a LEARNER is a Natural Talent, if you were born with it and you will never loose it. It can be a blessing or a curse in a home based business. If you develop it, it can make you a billionaire. Bill Gates, of Microsoft, did just that. If you...
Organization Tips - How to Organise Your Computer Files
Everytime Mary had to find a file on her computer, she always had great difficulty. And it was no wonder why. Every file had been saved under the folder "Mary" and that was it. There were no other categories. Consequently every time Mary...
Small Business Strategies - Four Critical Success Factors
Scenario One
During a recent presentation, a business owner was given the following challenge. If 10 of his 100 employees were asked to name the top 3 organizational goals for the current year as they perceived them to be, would he receive the...
The Demand for Business Security Cameras
Businesses with employees to monitor were the largest purchaser of security cameras prior to the 9/11 attacks in New York City. Up until that time all kinds of businesses were interested in protecting themselves from employee theft of valuable items...
Why A Collection Agency Is Your Small Business’s Best Friend
Does the term “collection agency” put you on edge? If you’re like many small business owners, the mountain of debt you accumulated during startup might have been enough to make you worry about collection agencies every time you answered the phone....
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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 http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
Source: www.isnare.com
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United States Small Business Administration |
An electronic gateway of procurement information for and about small businesses. Search engine for contracting officers, marketing tool for small firms, ... |
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SBA |
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Business & Small Business |
Online and print small business publication. Information to help start, grow or manage a small business. |
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Microsoft Small Business Center |
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SCORE "Counselors to America's Small Business" |
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Small Business and Self-Employed One-Stop Resource |
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