As 2017 winds down, there’s still time for small business owners in the Boston Metro to improve their tax strategies! We’re sharing some ideas with you for example purposes. Of course, we cannot supply you with tax advice, and nor is this intended as such. Please consult with your professional tax preparer to determine what strategies are applicable to your situation!
Here are 3 tax-saving ideas that small business owners in Massachusetts can consider:
1. Include Veterans in your hiring plans. Effective December 1, 2017, the State of Massachusetts is offering a $4,000 tax credit over a two-year period, for every veteran employee who is hired and retained by your company.
To be eligible, your business must have 100 or fewer employees. Additionally, you or an authorized representative of your company, must complete the New England Tech Vets Veteran Ready Employer Education and Certification Program. While the title sounds complicated, it’s a free online course that helps your company understand how to better recruit, support and manage Veteran employees.
2. Offer an employee wellness program. The Massachusetts Wellness Tax Credit Incentive program gives small businesses a state tax credit for having a certified employee wellness program. Massachusetts businesses with 200 or fewer employees may qualify for a tax credit up to 25% of the cost of implementing a certified wellness program for their employees. The maximum credit a business can apply for is $10,000 per year. Follow this link for more details about the Massachusetts Wellness Tax Credit Incentive Program.
3. Take advantage of the Section 179 tax deduction. This Federal deduction can be complicated – but it offers lucrative tax breaks for small businesses! It applies to new and used business equipment purchases and off-the-shelf software. There are also generous depreciation allowances once the deduction cap has been reached.
To take the deduction for tax year 2017, the equipment must be financed/purchased and put into service between January 1, 2017 and the end of the day on December 31, 2017. For more information about Section 179, visit this link.
This is just a very small example of the tax strategies that small business owners can employ. However, new tax laws loom on the horizon, and the 2018 tax year may offer different opportunities. We’ll take a look at how Tax Reform may affect Boston Metro Commercial real estate in an upcoming post!
When you are ready to begin, relocate or expand your business in the Boston Metro, team up with the Jay Nuss Realty Group! Whether you are thinking of buying or leasing Boston Metro commercial real estate, we can help you find the ideal property.
Contact us today for expert guidance!