#1: Make sure your business is taking advantage of Tax Credits

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Small businesses may be eligible for a range of tax credits that can help them reduce their tax liability.

Here are some of the most common tax credits available to small businesses:

1. Small Business Health Care Tax Credit:

This credit is available to businesses that provide health insurance to their employees and meet certain criteria related to the size of the business and the cost of the insurance premiums.

2. Work Opportunity Tax Credit:

This credit is available to businesses that hire employees from certain targeted groups, such as veterans, ex-felons, and people with disabilities.

3. Research and Development Tax Credit:

This credit is available to businesses that invest in research and development activities in the United States.

4. Depreciation and Section 179:

These tax deductions allow small businesses to write off the cost of certain assets, such as equipment or vehicles, over time, rather than all at once.

5. Employee Retention Credit:

This credit was introduced in response to the COVID-19 pandemic, and provides a tax credit for businesses that retained their employees during a certain period of time.

6. State and Local Tax Credits:

Some states and localities offer tax credits to small businesses for various activities, such as hiring, investing in certain industries, or contributing to community development.

It's important to note that eligibility for these tax credits varies depending on the size and type of your business, as well as the specific requirements of each credit. It's a good idea to consult with a tax professional to determine which credits your business may be eligible for and how to take advantage of them.

The Blush Ledger would be happy to answer any of your questions!

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