Tax Credits & Tax Deductions Make Compliance More Affordable
As a business, you must comply with ADA regulations.
But did you know…?
To help businesses comply with the ADA (Americans with Disabilities Act), Section 44 of the IRS Code allows a tax credit for small businesses and Section 190 of the IRS Code allows a tax deduction for ALL businesses.
The tax credit is available to businesses that have total annual revenues of $1,000,000 or less in the previous tax year or 30 or fewer full-time employees. This tax credit can cover 50% of the eligible access expenditures in a year up to $10,250 (maximum tax credit of $5,000).
The tax credit can be used to offset:
• The cost of undertaking barrier removal and alterations to improve accessibility
• Providing accessible formats such as Braille, LARGE PRINT and audio tape
• Making available a sign language interpreter or a reader for customers / employees
• Purchasing certain adaptive equipment.
The tax deduction is available to ALL businesses with a maximum deduction of $15,000 per year.
The next step in taking advantage of these incentives is easy!
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Please note: This information is not intended as tax advice. Please consult with your tax consultant / advisor for any / all potential tax deductible spending on repairs / improvements.