Business tax credits, usually meant to incentivize a certain kind of activity, let companies subtract a set amount of taxes otherwise owed to the government. The tax credit is applied by the business when it files its annual return.
By taking advantage of such credits, your business’ tax bill is reduced, and you can potentially invest that money back into your company. Unfortunately, some entrepreneurs and business owners don’t take advantage of these credits, often due to the complexity of the tax code or because they are unaware and have limited or no access to an accountant or tax professional.
Are you certain you’re not leaving money on the table? Read up on three important small-business tax credits that could work in your favor.
Source: Escalon Services
