After the big bank bailouts, a lot of American small business owners found themselves wondering why there was no bailout money for them. As it turns out, many of the provisions of the recovery act are geared toward small businesses and your employees. How can an Arizona business cash in on credits and deductions for your 2010 taxes while making sure that you’re in compliance with tax programs designed for your employees? Check out these tips and resources from the IRS website:
- Making Work Pay Tax Credit: the 2010 withholding rates for this credit are contained in IRS Notice 1036. An optional withholding procedure is available for pension plan administrators.
- Work Opportunity Tax Credit: this credit has been expanded to add returning war veterans and “disconnected youth” to the list of new hires that a business can claim.
- COBRA: the IRS has made available extensive guidance for employers on this insurance extension program for terminated workers.
- Energy Efficiency and Renewable Energy Incentives: the government wants to reward you for being environmentally responsible. See what businesses can do to get your rewards.
- Net Operating Loss Carryback: small businesses can offset losses by getting refunds on taxes paid up to five years ago. Also, the Worker, Homeownership and Business Assistance Act Of 2009 (WHBAA) expanded the five-year NOL carryback to most businesses.
- Municipal Bond Programs: these offer new financing options for school construction, energy and other public projects.
To make sure your business gets the advantage from all the credits and deductions available, be sure to check with your Arizona business tax professional.
At The Pew Law Center, PLLC, we understand that if you do run into tax problems with the IRS, it can be overwhelming. Whether you owe back taxes, haven’t filed taxes for several years, or have received an audit or wage garnishment notice from the IRS, the attorneys at The Pew Law Center, PLLC can help you or your business with these and any other federal and state tax problems.
We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona work through tough tax problems or file for bankruptcy every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing tax problems. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.