The IRS offers a variety of tax benefits for businesses that improve accessibility for people with disabilities and/or hire workers with disabilities. Small businesses with 30 or fewer full-time employees and annual revenues of $1 million or less may qualify to claim the Disabled Access Credit. The maximum credit amount is 50% of the cost of access improvements such as ramps, automatic doors and interpretive services like braille signage or audio interfaces.
Businesses of all sizes may also qualify for the Barrier Removal Tax Deduction. This program enables businesses to deduct up to $15,000 a year for eligible expenses to remove barriers that make it difficult for people with disabilities and the elderly to move around facilities. Ordinarily, businesses must depreciate such construction costs over the applied number of years.
In addition, businesses that hire veterans, workers with disabilities or other people who traditionally face obstacles to employment may qualify for the Work Opportunity Tax Credit. This credit may amount to as much as 40% of a qualifying employee’s first-year wages.
Our business tax professionals at RTW Xxact Enterprises can help you develop a strategy to take advantage of all the tax benefits available for boosting the accessibility of your business.
Contact us today Buz@rtwxxact.com.