Start Now To Save On Next Year's Tax Bill
Companies and individuals in California will want to plan ahead and take steps now to reduce their tax burden
. If you are not sure how to go about doing this, it is wise to get help with this from a Certified Public Accountant who has experience in long-range tax planning for individuals and corporations, and who has kept abreast of the latest tax credits at the state and federal levels. By taking advantage of these tax credits such as federal hiring credits, California hiring tax credits, green tax incentives, eco credits and enterprise zone credits, many of which go unused simply because individuals and businesses are not aware of them, these same groups can save a great deal on their final tax amount owed.
Federal hiring credits can save your company anywhere from $2,400 to $4,800 annually per qualifying employee. If your California company hires an employee that is a member of one of several designated groups, this may qualify your company to receive these federal hiring credits. In addition to the federal hiring credits, your company may also earn California hiring tax credits. If your company is located in one of California's forty-two Enterprise Zones, and if you hire employees who live within the Zone and are part of the aforementioned designated groups, then each qualifying employee can earn your company California hiring tax credits of up to $13,000 per qualifying employee. The good news is that if you realize that you could have qualified for these enterprise zone credits in recent past years, you may be able to use an amended return to gain the tax credit, or you may be allowed to carry over the tax credits to the next year. You can learn more about state and federal hiring credits for which your corporation may qualify from a CPA who is learned concerning this type of corporate tax credit.
Eco credits are another way that both corporations and individuals can save on next year's tax return. These refer to green tax incentives that are available to individuals who properly insulate and winterize their homes, as well as those who install energy-saving HVAC systems or purchase hybrid vehicles, among other earth-friendly ways to qualify for the credits. Companies can also benefit from these tax credits when they install solar or geothermal power systems to help produce some or all of the energy they use, as well as when they add energy-saving equipment to their place of business or utilize a company fleet of hybrid vehicles.
To learn more about green tax incentives and federal hiring credits, contact a Long Beach CPA, who can explain each of these in greater detail and analyze your company to determine your eligibility for these and other money-saving tax credits.
by: Wayne Hemrick
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