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7 Ways To Promote Your Business-FREE!
1. Free Classifieds: If you have the time to post you ads on classified sites , then this is a good place for you to start. Placing classified ads does work, but this method of advertising will take some time before you will start to see results....
A Typical Frustration In A Home-Based Business
The source of frustration addressed in his article may be all too familiar if you happen to work at an Internet-based home business which relies on personal relationships and/or teamwork.
I am often contacted by members of my business team...
How to Start and Suceed with a Home Business
No matter who you are, remember everyone starts from ground zero as far as experience is concerned. Building a home business is no different. One will have to lay the foundation first of all which will consist of choosing a product or service,...
Make Online Auctions a Home Business
Everyone is aware of online auctions nowadays. We all know someone who has bought or sold something on an Ebay online auction site. But how many people know that this hobby can be turned into a profitable business?
The fact is online auctions...
Sealing The Deal Over The Business Meal
Doing business over meals is a ritual that has existed for centuries. Taking clients to breakfast, lunch or dinner has long been an effective way to build relationships, make the sale or seal the deal. These business meals are essentially business...
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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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