If you are like most California business owners, you are too busy running your company to also be able to devote the time it takes to keep up on the latest news about California tax incentives. This is the reason why many business people turn to a long beach accountant who handles individual as well as corporate tax planning. A CPA knowledgeable about all of the new tax laws can keep you abreast of the ones that will best benefit your company. You may be eligible to save money by utilizing California tax incentives such as eco credits, California hiring tax credits as well as federal hiring credits.
One of the California tax incentives that is popular with company owners allows them to deduct up to forty percent of the cost of energy-saving, pollution-controlling systems into your place of business with a total cost of $10,000, leading up to a $4,000 tax deduction. There are also eco credits available for companies that install renewable energy equipment onsite. These can include items such as geothermal heat pumps, photovoltaic systems, wind generators and solar water heaters. Companies can also earn eco credits for the types of vehicles they use at work. Businesses who turn to hybrid and diesel-powered vehicles can save via these essential credits at tax time. California tax incentives such as sales and exercise tax credits are available for companies that purchase energy conservation or water or air pollution equipment as well as research and development or manufacturing and processing equipment, with these credits yielding companies up to a ten percent reduction off the purchase cost.
The area of California as well as the federal government both offer hiring tax credits to corporations. The California hiring tax credits are available to companies that are located in one of the state's forty-two Enterprise Zones. If your company employs a member of one of the targeted groups, it may then qualify your company for a whopping credit of up to $13,000 per qualifying employee annually. These credits can be awarded for years past when you would have qualified but did not take advantage of the California hiring tax credits by filing an amended return for as far back as three years previously. Credits may also usually be carried over to next year to use if needed. In addition, there may be up to an additional $2,400 to $4,800 per qualifying employee available for your company through the federal Work Opportunity Tax Credit, or WOTC.
To learn more about these and other California tax incentives for companies, contact a CPA for assistance.
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