“Green” Changes That Can Save Big On Business Taxes
When you own a small business, tax season can seem like an impossible sea of receipts and expenses, and it can cost you a fortune if your business isn’t prepared to handle the modern standards that businesses are held to. If you’ve been hit with expensive business taxes in the past and are looking to make some changes that earn you a few cuts, adding a few ecologically-friendly “green” changes to your business operations can create a huge positive change when it comes to your finances. Some of the changes you can make that are sure to have the biggest impact include:
Upgrade Business Automobiles
You can no longer obtain a tax credit for using hybrid cars to take care of business, but this option for a tax credit is still available if you happen to use cars that run exclusively on electricity. This can be a hefty investment on your part initially, but it’ll save you a proportionately huge pile of cash when the time comes for you to file your business taxes. It can also save you a huge amount of money and hassle throughout the year by cutting down on the amount of fuel you’re paying for out of your regular cash flow.
Consider Who You Hire
While it might not be in the same realm as changing out your lightbulbs and upgrading your cars, hiring veterans is another responsible business practice that can earn you a huge credit for your business taxes. By creating jobs for veterans returning from Iraq and Afghanistan, you’re contributing to the creation of a stable, sustainable national economy and supporting workers who have existing skills and proficiencies they’ve developed in their military careers.
Use Renewable Energy
Until 2019, you’ll be able to claim a 30 percent credit on your total energy expenditures throughout the course of the year if you happen to be using renewable energy resources like solar energy, which has been quickly gaining popularity as a reliable and responsible energy source for businesses across the country. Installing these energy resources is more affordable than ever before thanks to wider commercial availability, and can save you a huge amount of money when it’s time to file your taxes.
Your business taxes don’t have to be stressful if you know which updates to pursue in order to get the tax breaks you’ve been looking for. Speaking to a CPA or other professional can help you uncover which tax breaks you should go for, and which are worth changing your business operations for.