and that's especially so for small business owners and solopreneurs. Even if you're already properly managing your quarterly taxes and have all of your ducks in a row,
The article from MSN Money discusses various tax credits available to small business owners for the current tax year. It highlights the Employee Retention Credit (ERC), which provides a refundable tax credit for businesses that continued paying employees during the economic downturn caused by the global health crisis, even if they did not take out a PPP loan. Another significant credit mentioned is the Work Opportunity Tax Credit (WOTC), aimed at employers who hire individuals from certain target groups facing employment barriers. The Research and Development (R&D) Tax Credit is also detailed, offering benefits for companies investing in innovation, with recent changes making it more accessible to startups. Additionally, the article covers the Health Insurance Tax Credit for small businesses providing health insurance to employees, and the Disabled Access Credit for making accommodations for disabled employees or customers. Each credit has specific eligibility criteria and can significantly reduce tax liabilities or provide refunds, making them crucial for small business financial planning.
Business & Finance
Sun, March 9, 2025
