Contact our office for more information on any of these credits, or if you believe you might be eligible for any of these credits
Credit for employer Social Security and Medicare Taxes paid on certain employee tips
The credit equals the amount of employer social security and Medicare taxes that was paid or incurred by the employer on tips received by the employees. The credit is calculated based on tips in excess of $5.15 an hour.
Credit for Employer-Provided Childcare facilities and Services
This credit is for the costs of a qualified childcare facility and resource and referral expenses.
The credit in total is 25% of your qualified childcare facility expenses plus 10% of your qualified resource and referral expenses. The credit is limited to $150,000 each year.
Credit for Increasing Research Activities
This credit is for the costs of developing a new or improved business component, technologically speaking. Also, substantially all of the activities of the research must be elements of a process of experimentation relating to a new or improved function, performance, reliability, or quality
Credit for Small Employer Health Insurance Premiums
For businesses with less than 25 full time employees that pay wages less than $58,000 per year per full time employee, a credit of 50% of the cost of premiums paid can be claimed against regular and alternative minimum tax. The credit is for an arrangement where the employer pays a uniform percentage of not less than 50% of the premium cost for each enrolled employee.
Credit for Small Employer Pension Plan Startup Costs
For businesses with 100 or fewer employees who received at least $5,000 from you in the prior year. The credit is for costs to set up and administer the plan and educate employees about the plan.
Limitations: 50% of the costs up to the greater of $500, or the lesser of $250 multiplied by number of non-highly compensated employees or $5,000
Disabled Access Credit
This credit is for small businesses that earned $1 million or less and had no more than 30 full time employees the previous year. The credit for half of the cost of eligible expenses provide access for individuals with disabilities up to $10,000. The total credit allowed is $5,000.
Work Opportunity Credit
This credit is an incentive to hire individuals from specific target groups that have consistently faced barriers to employment, including veterans and individuals with disabilities. The maximum credit is typically 40% up to $6,000 of wages depending on the employee hired and length of employment.
Employer Credit for Paid Family and Medical Leave
This credit ranges from 12.5% to 25% of certain wages paid to a qualifying employee while on family and medical leave.