The leaves are falling and the weather is getting cooler … time to start thinking about year-end tax planning! If you’d like to meet with Jackie or Mimi to discuss any changes to your business or personal situation, please contact us to schedule an appointment. Availability is limited, so call Kimberly at 706-632-7850 soon.
Tax Credits and Deductions for Making Accommodations
If you make structural adaptations or other accommodations for employees or customers with disabilities, you may be eligible for tax credits and deductions.
Disabled Access Credit — This non-refundable credit can be claimed each year you incur expenses related to providing access to persons with disabilities. Your business must earn $1 million or less, or have no more than 30 full-time employees.
Barrier Removal Tax Deduction — You may claim a deduction of up to $15,000 a year for qualified expenses that normally must be capitalized, mainly removing architectural and transportation barriers to people with mobility issues.
You may use the Disabled Access Credit and the Barrier Removal Tax Deduction together in the same tax year if the expenses meet the requirements of both. In this case, the deduction is equal to the difference between the total expenses and the amount of the credit claimed.
Work Opportunity Tax Credit — This credit applies if you hire individuals from certain target groups who have consistently faced significant barriers to employment, including those with disabilities and veterans. The maximum amount of tax credit for employees who work 400 or more hours is:
- $2,400 or 40% of up to $6,000 of first year wages for qualifying individuals.
- $9,600 or 40% of up to $24,000 of first year wages for qualified veterans.
- A 25% rate applies for individuals who work at least 120 hours but less than 400 hours.
Do You Qualify?
If you’re interested in making some structural changes or hiring certain individuals, we can help you determine if you will qualify for the tax credits and deductions. Contact us today for more details.
Fannin Lowers Millage Rate
Thanks to increased property values, the Fannin County Board of Commissioners recently rolled back the millage rate to 2.755. The Fannin County School Board also approved a lower rate of 7.439 mills, making the new combined county rate 10.194 mills. This will affect your next property tax bill.
Video Tax Tip
Watch this IRS video tax tip to learn more about when and how to report rental income from a vacation home, such as a cabin, house, condo or boat.