Business tax credits are a dollar-for-dollar reduction in the amount of taxes a business owes, and there’s a decent chance that at some point over the years, your business has been eligible for one or more.
Tax credits are a great way for businesses to save money on their taxes. Unfortunately, they can sometimes be confusing to understand and difficult to apply for.
Many different types of business tax credits are available, both at the federal and state levels. Some are specific to types of industries or activities your business is involved in.
One tax credit that your business may be overlooking is the Georgia Retraining Tax Credit. This credit is available to businesses that provide qualified training to their employees.
To qualify for the Georgia Retraining Tax Credit, a business must train its employees in new or upgraded technology, send its employees to a conference on new technology, or train its employees on new or upgraded tools or equipment.
There are other tax credits businesses might apply for as well, including the Georgia Job Tax Credit and the Georgia Investment Tax Credit at the state level. At the federal level, your business might qualify for the Work Opportunity Tax Credit or the American Opportunity Tax Credit, among others.
Utilizing tax credits should be part of a proactive, strategic approach to your taxes.
While tax credits can be complex, we’re here to help. Contact us today to set up your tax planning appointment. Call us at 706-632-7850 or email us at help@sbsaccountants.com.