Tax Filing Strategies for Small Business Owners – Pt. 2

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.