With the March 15 tax filing deadline upon us, many companies have just filed their tax returns or at least made a hefty payment with their extension. Once that money has flowed out of the business, most of us want to bury our head in the sand and hope those estimated tax payment due dates stay far away. However, that’s the last thing you should be doing! Now is the time to start thinking about your 2017 taxes and ways to mitigate that tax burden.
Did you know that many companies are already doing things that qualify for tax credits? Yes, things that you are already doing could reduce that tax burden for 2017, making that March 15, 2018 deadline much easier on you and leaving a lot more cash in your business! One example is the Federal Work Opportunity Tax Credit (WOTC), a hiring credit. If you’re hiring individuals in certain categories, veterans or people who have received federal aid, to name a few, then you could qualify for a $2,400 to $9,600 tax credit per person you hire! That is a direct reduction of the tax you owe – money that goes directly back into your business! Be sure to ask your tax adviser about the WOTC, or other tax credits that you may qualify for, while there is still time to shape your future.
This article is intended for educational purposes only and is not a substitute for obtaining competent accounting, tax, legal, or financial advice from a certified public accountant, attorney, or other business advisors. You should not act upon any of the information in this article without first seeking qualified professional guidance from your business advisors on your specific circumstances. The information presented should not be construed as advice or guidance from BFBA.