In our last article on tax credits for small businesses in Georgia, we shared the definition of tax credits and some important details on the most common types of credits available.
In this post, we want to discuss a few more examples of the types of credits you may qualify for as a small business owner. But first, a quick reminder that many small businesses qualify for federal and state tax credits. Yet, most business owners are unaware of these federal and state income tax credits and how to capture them. And they are leaving their money on the table. Our free review often helps business owners find and claim that money.
That being said, let’s look at Research and Development (R&D), Investment Allowances, and Job Growth tax credits.
R&D
Manufacturing companies often qualify for R&D tax credits, which are available to any company that increases its qualified research spending. Read more.
Investment Allowances
A tax incentive offered to businesses to encourage capital investment in which they can deduct a specified percentage of capital costs, including depreciation, from taxable income. Read more.
Job Growth Tax Credits
A job growth tax credit helps fuel company expansion by rewarding job creation. Read more.
Next Steps in Capturing Your Tax Credits
While this concludes our mini-series on tax credits for small businesses in Georgia, there are more credits both at the state and federal levels to consider. And as you know, rules and regulations are always subject to change. Rather than using your valuable time conducting endless research, call SmartPayroll Solutions. Tell us about the nature of your business. We will help you determine the next steps in capturing your tax credits.
