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Expert Q&A Archive

05/11/2009
Are there tax credits available for small business owners?
I was wondering if there are any tax credits that are offered for small businesses and for individuals, or if theres a location on the Web where I can easily find them. We own an auto body repair facility. Weve had it for 29 years. Im second generation owner, and we have 15 employees.
Rosemary Ervin, CPA:
expert info »
You are not specific enough. There are lots of credits available. Some are federal, and many are offered by your state. Go to www.irs.gov, click on business, small business. The site also has a search function. Many business credits relate to payroll, creation of a retirement plan, investment in new equipment and energy savers. Most credits can be used to offset income. So the place to start is to generate more income than your expenses. Calculate the tax and then take the credit to offset the tax. Hope this helps.
Michael A. Masiello:
expert info »
The best place to start [your] search is with the local government office, either town, city, county or state economic development agency, or something along those lines. They often have programs and or assistance and they know whats available. If you have no luck there, start with the Chamber of Commerce. Good luck.
Bettye J. Banks:
expert info »
Thank you for hanging in there as a small business!

Go to IRS.gov to find out information. You will have to navigate through the site, but you could find good information. You might just type in "tax credits" on the web to see what appears. If you serve or employ a minority population, or work with minority-serving institutions, you might also find something. I don't know where you live, but you might check with your local business entrepreneurship organization, if you have one, or with the Small Business Administration for additional assistance.
Nancy Granovsky, CFP:
expert info »
Congress has approved and President Obama has signed new economic recovery legislation known as the American Recovery and Reinvestment Act of 2009. The Internal Revenue Service is implementing tax-related provisions of this new program as quickly as possible. Key highlights with links to specific information is posted on the IRS website at http://www.irs.gov/newsroom/article/0,,id=204335,00.html?portlet=6.

You may also wish to contact your tax advisor for information specific to your business needs.
Kim Nourie, CFP, CPA:
expert info »
A great place to start looking at available small business tax credits is on the IRS website. Try the following link which will list out potential credits and allow you to click on each link for more information: http://www.irs.gov/businesses/small/article/0,,id=99839,00.html. All the best to you.
 

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