Jack Howley is a Rumson, New Jersey, financial executive who provides knowledgeable asset allocation and planning strategies. Assisting small business owners, Jack Howley has extensive knowledge of tax advantaged pathways to maximizing capital. When it comes to tax filing, there are optimal ways of making use of available credits and deductions.
Employers with two dozen full-time employees or fewer can often take advantage of the health care tax credit. Eligible businesses must pay half or more of employees’ health insurance premiums and have an annual average salary, across their workforce, of under $50,000. The work opportunity tax credit provides benefits to companies that hire qualified employees, including veterans and those with disabilities. In general, as much as 40 percent of the initial $6,000 of qualified wages can be claimed for each new qualifying hire.
When it comes to deductions, it may make sense to start with Section 179, which allows as much as $1 million to be deducted for eligible business property. Keep in mind that the full amount can only be deducted within the first year in which the business starts using the property. For this reason, Section 179 deductions are typically claimed by businesses just after moving or expanding their physical footprint.
There are dozens of other tax saving strategies, from child care expense credits to health care premium deductions, so it naturally makes sense to consult with an experienced financial professional.
Employers with two dozen full-time employees or fewer can often take advantage of the health care tax credit. Eligible businesses must pay half or more of employees’ health insurance premiums and have an annual average salary, across their workforce, of under $50,000. The work opportunity tax credit provides benefits to companies that hire qualified employees, including veterans and those with disabilities. In general, as much as 40 percent of the initial $6,000 of qualified wages can be claimed for each new qualifying hire.
When it comes to deductions, it may make sense to start with Section 179, which allows as much as $1 million to be deducted for eligible business property. Keep in mind that the full amount can only be deducted within the first year in which the business starts using the property. For this reason, Section 179 deductions are typically claimed by businesses just after moving or expanding their physical footprint.
There are dozens of other tax saving strategies, from child care expense credits to health care premium deductions, so it naturally makes sense to consult with an experienced financial professional.
