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Five Federal Tax Credits You Should Know About on Tax Day
Today is Tax Day, and many business owners may be facing a significant tax bill. While it's natural to always seek ways to minimize expenses and increase profits, it's important to explore various programs that can help reduce your tax liability. One of the most underutilized methods to achieve this is by taking advantage of tax credits offered by the federal government. Here are five tax credits that your business can benefit from:
- R&D Tax Credit - up to $250,000 per year: The Research and Development Tax Credit is designed to incentivize businesses to invest in research and development activities. If your business spends money on activities such as creating new products or processes, improving existing products or processes, or conducting research to develop new technologies, you may be eligible for this tax credit.
- WOTC - up to $9,600 per new hire: The Work Opportunity Tax Credit is a federal tax credit that provides incentives to businesses that hire employees from certain target groups who have faced significant barriers to employment. This includes veterans, individuals with disabilities, and those who have been unemployed for an extended period.
- Solar Tax Credits - up to 30% of solar investment: If your business has installed solar panels or other renewable energy systems, you may be eligible for a tax credit. The federal government offers a solar investment tax credit (ITC) that can be used to offset the cost of installing these systems.
- COVID-19 ERC - up to $26,000 per employee: The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit (ERC) to help businesses that were negatively impacted by the COVID-19 pandemic. The ERC provides a refundable tax credit to businesses that retained employees during the pandemic.
- Disaster ERC - up to $2,400 per employee: The Disaster Employee Retention Credit is similar to the COVID-19 ERC, but it is specifically designed to help businesses that were impacted by natural disasters. If your business was affected by a hurricane, wildfire, or other natural disaster, you may be eligible for this tax credit.
Taking advantage of these tax credits can help your business save money and reinvest those savings back into your business. However, it's important to note that each tax credit has specific eligibility requirements and limitations, so it's best to consult with a tax credit expert such as OnCentive to determine which tax credits your business may qualify for.
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What Clients Say About OnCentive:
Don't just take it from us.
Morgan Akins, The Arc of Tuscaloosa
"The OnCentive team helped our non-profit raise hourly wages to attract and retain employees through a very difficult labor market. The services we provide our clients are critical to the community. Thanks to OnCentive we are able to remain competitive as an employer. Their team is great to work with and without a doubt will help you maximize the amount your organization can recover.”
Tawny DeBolt, Neon HCM
"OnCentive has delivered millions of dollars in credits to our clients. We had them take a look at our business and they found over $100k in cash refunds for our company. Their staff treats every one of our clients like they are their own and our clients and ecstatic we made the introduction."
Cliff Morgan, CFO Concrete Guys
"OnCentive has exceeded our expectations. We were skeptical on whether or not these programs would work for us but they absolutely made us believers. I would highly recommend them to any business looking to increase its profitability.”
Led by Tax Attorneys,
CPAs & Credit Experts
Our leadership has over 150 years of combined tax experience. With $3 billion in incentives captured, you are in good hands with OnCentive.
Quality Guaranteed
In the unlikely event that your credit is ever contested, the OnCentive team will defend our work and will fully refund any credits that are disallowed.
Maximum Credit Yield
Our profitability is tied with yours. We work off success fees which means we are motivated to find the maximum credits your business can qualify for.
