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Tax Filing Strategies for Small Business Owners – Pt. 2

CPA Long Island

Building your business’s wealth and success takes commitment in every area of your finances. Even if you’ve been filing your taxes for years, you may be missing opportunities to enjoy a little extra cash through less well-known credits. These advanced tips are all potential options to maximize your money when you use professional tax preparation services in Long Island, NY:

Claim The Pension Plans Startup Cost Credit – If you’ve just started a pension plan for your employees, you may be eligible for a credit. Although it’s limited to $500, that amount can recoup the costs of starting the plan. If you don’t have this perk yet, it’s also a great incentive to invest in one way to attract and retain top-tier talent.

Look into the Work Opportunity Tax Credit – You may be eligible to receive up to 40 percent of the first $6,000 of qualified wages paid to a new hire that comes from a disenfranchised group, including disabled employees and veterans.

Don’t Neglect Property Reductions – If you’ve recently moved or acquired new equipment for your business, you may be able to recoup up to  $500,000 in eligible costs through special property deductions.

Deduct Charitable Contributions – When you give to great causes, you get to benefit twice: once from helping those in need, and again in the form of a boost to your tax return.

Take advantage of professional tax preparation services from Michael J. Berger & Co. when you contact us at 631.471.3400.