Thursday, September 29, 2022
HomeGeorgia & USALooking for extra money this tax season? Take advantage of these...

Looking for extra money this tax season? Take advantage of these tax credits in Georgia

SAVANNA, GA (WSAV) – This is the most wonderful time of the year – if you’re from the IRS.

When the tax season is in full swing, those who want to save a bit are lucky. Georgia has many tax credits that they can take advantage of to pocket a few extra dollars this spring.

The following is a complete list of Georgia’s tax credits.

Below are some tax credits you can apply for, and a brief description to see if you qualify.

Credit to the employer for the approved retraining of employees

  • This tax credit is intended for employers to reimburse the cost of retraining employees to use new equipment or technology.

Low-income housing tax credit

  • This gives tax breaks to those who own rental property for low-income residents. Taxable income tax liabilities are reduced when landlords invest long in affordable rental housing.

Employer tax credit

  • Any business engaged in the production, warehousing and distribution, telecommunications, broadcasting, tourism or research enterprise or headquarters in Georgia may benefit from the employer’s tax.

Car loan for business

  • Businesses that buy cars used specifically to transport their employees are eligible for the loan. Each car must carry an average of four employees daily.

Low income tax credit

  • If you earn less than $ 20,000 a year and are not eligible to be claimed as a dependent, you may earn some tax breaks.

The film is a tax credit

  • Productions worth more than $ 500,000 are eligible for a 20% tax credit. An additional 10% credit can be obtained if the finished product contains an advertising logo provided by the state.

Accepting a loan for a foster child

  • If you have adopted a foster child between January 1, 2008 and January 1, 2021, you are eligible for a $ 2,000 loan per child.

Credit for low-emission cars

  • If you have a car with low emissions, you are eligible for a tax credit. Applicants can get a loan of up to 10% of the cost of the car or a simple loan of $ 2,500 – whichever is less. You may also be eligible to get even more if you have a zero-emission car.

Employer loan for the acquisition of childcare property

  • Employers who buy childcare real estate can get a loan of 100% of the cost. The loan is demanded at a rate of 10% per annum for 10 years. Any unused loan can be postponed for three years.

Employer loan for providing or sponsoring child care for employees

  • Employers who care for children can recoup up to 75% of direct costs. However, the offset may not exceed 50% of the total state income tax for the year.

Reported by Source link

RELATED ARTICLES
- Advertisment -

Most Popular

Looking for extra money this tax season? Take advantage of these tax credits in Georgia

SAVANNA, GA (WSAV) – This is the most wonderful time of the year – if you’re from the IRS.

When the tax season is in full swing, those who want to save a bit are lucky. Georgia has many tax credits that they can take advantage of to pocket a few extra dollars this spring.

The following is a complete list of Georgia’s tax credits.

Below are some tax credits you can apply for, and a brief description to see if you qualify.

Credit to the employer for the approved retraining of employees

  • This tax credit is intended for employers to reimburse the cost of retraining employees to use new equipment or technology.

Low-income housing tax credit

  • This gives tax breaks to those who own rental property for low-income residents. Taxable income tax liabilities are reduced when landlords invest long in affordable rental housing.

Employer tax credit

  • Any business engaged in the production, warehousing and distribution, telecommunications, broadcasting, tourism or research enterprise or headquarters in Georgia may benefit from the employer’s tax.

Car loan for business

  • Businesses that buy cars used specifically to transport their employees are eligible for the loan. Each car must carry an average of four employees daily.

Low income tax credit

  • If you earn less than $ 20,000 a year and are not eligible to be claimed as a dependent, you may earn some tax breaks.

The film is a tax credit

  • Productions worth more than $ 500,000 are eligible for a 20% tax credit. An additional 10% credit can be obtained if the finished product contains an advertising logo provided by the state.

Accepting a loan for a foster child

  • If you have adopted a foster child between January 1, 2008 and January 1, 2021, you are eligible for a $ 2,000 loan per child.

Credit for low-emission cars

  • If you have a car with low emissions, you are eligible for a tax credit. Applicants can get a loan of up to 10% of the cost of the car or a simple loan of $ 2,500 – whichever is less. You may also be eligible to get even more if you have a zero-emission car.

Employer loan for the acquisition of childcare property

  • Employers who buy childcare real estate can get a loan of 100% of the cost. The loan is demanded at a rate of 10% per annum for 10 years. Any unused loan can be postponed for three years.

Employer loan for providing or sponsoring child care for employees

  • Employers who care for children can recoup up to 75% of direct costs. However, the offset may not exceed 50% of the total state income tax for the year.

Reported by Source link

RELATED ARTICLES
- Advertisment -

Most Popular