So what are some of the top small business tax breaks you should know this year? This question is asked constantly by all entrepreneurs. Why? Because every year brings a plethora of tax changes which makes staying up to date overwhelming – especially when you are already tasked with running a business.
To make this task a little easier, its sometimes beneficial to look at tax breaks from the government’s perspective – because both the federal and state governments are willing to pay small businesses for certain economic boosters to the economy.
So, over the next three weeks, we are going to tackle the top areas of small business tax breaks:
- New jobs
- Training
- Research and development
New Jobs – Federal Credits
1. Do you plan to hire are least one person this year? Then you can use the federal Work Opportunity Tax Credit. This credit gives you between $1,200 and $9,600 per hire for hiring someone in even one of the following categories:- Veterans
- Needy Families Recipients
- Food Stamp Recipients
- People living in Empowerment Zones or Rural Renewal Counties
- Ex-Felons (before you blow this one off, more than one entrepreneur we work with insist some of their best cold calling inside sales people have been ex-felons)
- Supplemental Security Income Recipients
- Summer Youth Employees
