The last thing a busy business owner wants to do is spend hours trying to understand which tax deductions or credits they qualify for. With tax season upon us, many small business owners in Northeast Ohio seek the guidance and expertise of the Certified Public Assistants at Appalachian Basin CPAs. Located in Canton, Ohio, their experienced CPAs can serve as an essential asset when it comes time to deal with the taxes for small business throughout Stark County, Ohio and Summit County, Ohio. Their staff of qualified professionals will work diligently to ensure every small business gets the proper amount of tax credits applied to their annual tax returns.
Many worry that there will be severe fiscal cliff fallouts due to the new tax legislature, but what they fail to realize is there are many small business tax credits that will actually benefit them. The experienced CPAs at Appalachian Basin CPAs in Canton can advise business owners throughout the greater Stark County and Summit County region, of each and every tax deduction that they qualify and how it can benefit their return. Some of the credits and deductions that have been extended for the 2012 and 2013 tax years, that Northeast Ohio business owners can qualify for are the Research and Development and Work Opportunity tax credits as well as Section 179 and Bonus Depreciation deductions.
The Research and Development (or as it is more commonly known, the R&D) tax credit will serve to allow small businesses the opportunity to deduct expenditures as a current business expense. There are two options on how to count these deductions: one lump deduction for the tax year in which the expenditure was paid for or incurred or in equal amounts annually for anywhere between 5 to 10 years.
Under the VOW to Hire Heroes Act of 2011, the Work Opportunity tax credit has been expanded to include two more categories of veterans that qualify and allows the opportunity for certain tax-exempt employers to use this credit against their share of Social Security taxes. The credit amount is dependent on the veteran’s wages throughout their first year, the number of hours they work and the length of their unemployment prior to being hiring.
Section 179 and Bonus Depreciation deductions are used in reference to the property and equipment that a small business invests in. The biggest difference between the two is that under Section 179 both new and used equipment that is purchased qualifies for this deduction, while under Bonus Depreciation only new equipment is covered. Small businesses, with less than $2 million in qualifying capital expenditures, can deduct up to $500,000 of the cost for tangible property, such as vehicles, office equipment, signs, etc., that is purchased or leased by the business.
These provisions are just some of the small business tax credits that have been expanded for the 2012 and 2013. Fortunately for the small business owners throughout Northeast Ohio, Appalachian Basin CPAs team of experienced CPAs are available to help assist in processing their tax returns and ensuring they get the tax deductions that they qualify for. Located in Canton, Ohio and with over 25 years of experience, they serve as the Stark County, Ohio and Summit County, Ohio’s leading provider of accounting and auditing, business consultation, and tax preparation and consulting. So if you seek more information on the newly extended provisions that could benefit your business this tax season, contact the experts at Appalachian Basin CPAs at 330.437.1182 to schedule your consultation.
Appalachian Basin CPAs
213 Market Avenue North
Canton, Ohio 44702
http://www.abbacpas.com/