There is good reason to invest in professional business accounting and tax recommendations in San Diego, especially if you are a small business owner. Did you know, for example, that your small business could potentially qualify for all sorts of tax credits? According to Fox Business, there is a long list of tax credits that small businesses might be eligible for, but most don’t even know about them. Small businesses owners have a hard enough time staying afloat as it is and can use all the help they can get. If you’re a small business owner, it’s worth the time it takes to learn more about the tax credits that might be available to help lighten your financial burden.
Find Out if You Qualify for Small Business Tax Credits
There are many different small business-friendly tax credits or rebates, and different ways of filing business taxes to reduce your obligations. It’s important to get professional tax help to figure out what your business qualifies for and what the most advantageous tax filing structures are. Having professional assistance will also ensure that your business is within its legal limits and avoid any potentially damaging tax filing errors.
With professional tax recommendations, you may be surprised at just how many tax credits you can qualify for. These are just a few of the credits for small businesses:
- Five-Year “Carryback” – If you find out that you qualify for any general business credits this year, you may also have qualified for that tax credit in years prior. If that is the case, you can carry those tax credits as far back as five years and collect the refund to put back into your business.
- Health Care Tax Credits – This is a new tax credit that many small businesses aren’t aware of. The Affordable Care Act was set up in part to help small businesses provide health insurance to their employees, so if you’re a small business owner with 25 or fewer full-time employees offering health insurance as part of your compensation package, you should definitely learn more. If you are self-employed, you can also deduct all health insurance costs for yourself and your family.
- Retirement Tax Credits – This is another small business tax credit intended to encourage generous employee compensation. If you start a retirement plan for your employees, including SEP plans, SIMPLE plans and/or qualified plans such as a 401(k), you may qualify.
To meet with one of our tax professional and see how your small business can quality for these and other tax credits, please call us at 866-631-3470 to schedule a complimentary initial consultation.