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Tax Incentives for Military Business Owners

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August 10, 2023

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I’ve had a lot of active duty and veterans over the years open businesses. If you’re thinking of starting a business, or operating a business with veteran employees, we’ve compiled some great tax incentives you and your CPA need to know about.

 

  • Disabled Access Credit: This tax credit is available to small businesses that incur expenses related to making their facilities more accessible to individuals with disabilities. The credit is worth up to 50% of the eligible expenses, up to a maximum of $10,250 per year.

 

  • Work Opportunity Tax Credit: This tax credit is available to employers who hire individuals from certain targeted groups, including veterans, individuals with disabilities, and those who have been unemployed for an extended period. The credit can be worth up to $9,600 per eligible employee.

 

  • Disabled Veteran Tax Credit: This tax credit is available to employers who hire disabled veterans. The credit can be worth up to $4,800 per eligible employee.

 

  • Small Business Health Care Tax Credit: This tax credit is available to small businesses that provide health insurance to their employees. To be eligible, the business must have fewer than 25 employees, and the average salary of those employees must be less than $50,000 per year. The credit can be worth up to 50% of the employer’s contribution to the employees’ health insurance premiums.

 

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  • Uniformed Services Employment and Reemployment Rights Act (USERRA) Tax Credit: This tax credit is available to employers who provide differential pay to employees who are called to active duty in the military. The credit can be worth up to 20% of the differential pay.

 

Whether you’re thinking about starting a new business, or hiring veterans, these tax incentives can help you keep more of your money. Remember the first step to running a successful business is to have a solid foundation. Let us know if we can help with forming an LLC, estate planning, or if you need a good CPA.

With NCH, the state’s top business formation service, you can register your LLC in Nevada quickly and easily. Our specialists will help you choose the right entity for your company and understand why an LLC in Nevada is your best option. We’ll assist you with all necessary Nevada LLC forms, including the vital Articles of Organization, and help you comply with state regulations. In addition, we offer expert assistance with tax compliance, credit building, and payroll management. Schedule a private consultation to explore effective solutions to minimize tax liabilities and protect your wealth. Start unleashing your LLC’s full potential today with NCH. Schedule a consultation with Adam Kintigh today!

DISCLAIMER: The above material has been prepared for informational purposes only, containing opinions of the provider, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Please consider consulting tax, legal, and accounting advisors before engaging in any transaction.

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