IRS Tax Credit Check - Business Credits
By: Nancy Cook
Updated: July 9, 2012
Here is today's Tax Credit Check, a reminder to businesses to take advantage of business tax credits. Businesses accommodating people with disabilities may qualify for the following two tax credit.
The Disabled Access Credit provides a non-refundable credit for small businesses that incur expenditures for the purpose of providing access to persons with disabilities.
Check No.1 : An eligible small business is one that that earned $1 million or less or had no more than 30 full time employees in the previous year
Check No. 2: The credit is available each and every year the business incurs access expenditures.
The Work Opportunity Credit provides eligible employers with a tax credit when they hire new employees from a "targeted group."
Check No. 1: The credit is up to 40 percent of the first $6,000 of first-year wages of a new employee.
Check No. 2: An employee with a disability is one of the targeted groups for the Work Opportunity Credit, provided the appropriate government agencies have certified the employee as disabled.
Check No. 3: The credit is available to the employer once the employee has worked for at least 120 hours or 90 days.
Check No. 4: The VOW to Hire Heroes Act of 2011 provides an expanded work opportunity tax credit to businesses that hire eligible unemployed veterans and for the first time also makes part of the credit available to tax-exempt organizations.
Check No. 5. : The credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2013.
For more information, go to IRS.gov and check out information on the Disabled Access Credit and the Work Opportunity Tax Credit.
