Search Results for: TAX CREDIT

Employers should certify employees before claiming the Work Opportunity Tax Credit

Employers should certify employees before claiming the Work Opportunity Tax Credit

Employers who hire people from certain groups can reduce the tax they owe when they claim the Work Opportunity Tax Credit on their federal tax return. This credit encourages employers to hire workers certified as members of any of ten groups facing barriers to employment. When hiring, employers may want to take a moment to…

How to Qualify for and Claim the R&D Tax Credit

How to Qualify for and Claim the R&D Tax Credit

By Emily Heaslip There’s a common misconception that the IRS research and development (R&D) tax credit is only available to researchers and scientists. In reality, this tax credit offers a great opportunity for small businesses to reduce their tax liability. What is the R&D tax credit? The research and development tax credit was originally established…

The Work Opportunity Tax Credit helps businesses that hire from eligible groups

The Work Opportunity Tax Credit helps businesses that hire from eligible groups

Finding work can be a hard for anybody and certain groups face even bigger challenges. The Work Opportunity Tax Credit is extended through the end of 2025 to help employers that hire workers certified as members of these groups that face barriers to employment: People who receive: Long-term family assistance Long-term unemployment Supplemental Nutrition Assistance…

TAX TIPS: Tax Credit, Tax Preparation Checklist

TAX TIPS: Tax Credit, Tax Preparation Checklist

Tax credits are the hidden treasures of the tax world. They automatically reduce the amount of tax you owe, resulting in a dollar-for-dollar reduction in your tax liability. For instance, a $2,000 tax credit lowers your overall tax liability by $2,000, as opposed to tax deductions, which reduce the portion of your income that is…

Parents can boost their back-to-school budget by claiming tax credits and refunds

Parents can boost their back-to-school budget by claiming tax credits and refunds

Summer is slipping away and another school year is starting. As kids head back to the classroom, parents are ticking items off the school supply list. If they want to boost their back-to-school budgets, parents and guardians should make sure they aren’t missing out on their 2021 refunds and tax credits. Many people don’t get…

College students should study up on these two tax credits

College students should study up on these two tax credits

Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able to take advantage of two education tax credits. The American opportunity tax credit and the lifetime learning credit can help offset education costs by reducing…

Businesses and tax-exempt organizations may qualify for the new Commercial Clean Vehicle Credit

Businesses and tax-exempt organizations may qualify for the new Commercial Clean Vehicle Credit

Businesses and tax-exempt organizations that buy a qualified commercial clean vehicle may qualify for a clean vehicle tax credit of up to $40,000 under Internal Revenue Code (IRC) 45W.  The credit equals the lesser of: 15% of your basis in the vehicle (30% if the vehicle is not powered by gas or diesel) The incremental…

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The IRS is here to help military members and veterans with their unique tax needs

Members of the U.S. Armed Forces, veterans and their families may qualify for special tax benefits. Whether they have a simple or complex tax situation, the IRS provides information to make filing taxes easier to understand for those sacrificing so much for our country. Benefits for military members Some of the tax benefits for service…

Tax benefits for businesses that accommodate people with disabilities

Tax benefits for businesses that accommodate people with disabilities

Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible to save money on their taxes. Here are the tax incentives for employers who provide accommodations for people with disabilities. Disabled Access Credit The Disabled Access Credit is a non-refundable credit for small businesses that have expenses for…