Every small business owner could use a few extra tax deductions or credits but one often overlooked area is in the area of making accessible modifications for disabled employees. This hefty tax benefit can save up to $20,000 annually. For example, upgrade a restroom or install adaptable technology in the office for a receptionist and just look how much you might save:
For example, a small business that spends $20,000 for access adaptations may take a tax credit of $5000 (based on $10,250 of expenditures), and a deduction of $15,000. The deduction is equal to the difference between the total expenditures and the amount of the credit claimed.
– $20,000 cost of access improvements (rest room, ramp, 3 doors widened)
– $5,000 maximum credit
– $15,000 remaining for deduction
As an added benefit, research has found that workers with a pre-existing disability that does not limit their job performance miss fewer days of work, have far fewer Workers Comp claims and stay on the job much longer than average!
