With the end of the year approaching, many Georgia business owners turn their attention toward filing taxes in the upcoming year. There are numerous considerations to make, but savvy entrepreneurs can drastically reduce the amount of money they owe by qualifying for Georgia tax credits.
Whether your business just opened or has been around for years, it is never a bad time to look into reducing the amount you owe in federal and state taxes. There may not be enough time this year to implement certain measures to reduce taxes, but you can keep these points in mind next year so that you save more money that you can invest into your business.
Employers should always look for ways to make employees more competitive in the workforce. Investing in your workers not only makes them better capable of handling changes in the marketplace, but you can write off any expenses retraining entails on your taxes. You can write off travel expenses, employee wages during those retraining sessions and the cost of any instructors.
Creating new jobs
Hiring new workers helps your community, and it qualifies your business for the Job Tax Credit. Businesses in the following industries can qualify:
The total amount of the tax credit depends on where exactly in the state you created the new job. If you create a new job in an area that requires a lot of economic assistance, then you will qualify for more deductions.
Hiring veterans or ex-felons
There are many individuals who face significant obstacles in getting a job. These include veterans and ex-felons, which is why the government offers tax credits to business owners who are capable of hiring these individuals.
An increasing number of film projects choose to film in Georgia due to the hefty tax credits available. Some television shows have taken advantage of these credits.