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Tax Credit Consulting: Americans with Disabilities Act Compliance Buckhannon WV

Many small businesses complain when confronted with the expense of complying with the Americans with Disabilities Act. Most do not realize that there are a number of tax incentives available to offset the costs. Importantly, one tax incentive comes in the form of a tax credit, which is far more valuable than a tax deduction when it comes to creating tax savings.

Harold D. Vealey (RFC®), CLU, LUTCF
(304) 346-2154
910 Chester Road
Charleston, WV
Company
Vealey Financial Services
Qualifications
Education: BA
Years of Experience: 43
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

Data Provided by:
H&R Block
(304) 358-2501
LOVEGROVE BLDG 100 S MAIN ST
FRANKLIN, WV

Data Provided by:
Penny Pinchers LLC
(304) 587-4005
Po Box 825
Clay, WV

Data Provided by:
H&R Block
(304) 733-9171
4341 Us Route 60
Huntington, WV

Data Provided by:
H&R Block
(304) 645-1279
540 N JEFFERSON ST
LEWISBURG, WV

Data Provided by:
Mr. Gregory R. Metcalf (RFC®), RFP
(307) 723-5018
200 Ivy St
Weirton, WV
Company
Horizon Financial Group
Qualifications
Education: Ohio University, BBA FinanceCollege for Financial Planning's CFP Certification Professional Education Program
Years of Experience: 15
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, Retirement Planning, Medicaid Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection

Data Provided by:
Liberty Tax Service
(866) 871-1040
411 W King St
Martinsburg, WV

Data Provided by:
Liberty Tax Service
(866) 871-1040
324 W Washington St
Charles Town, WV

Data Provided by:
H&R Block
(304) 265-2662
12 BLUE Ave
GRAFTON, WV

Data Provided by:
H&R Block
(304) 562-5122
168 MIDLAND TRAIL STE 2
HURRICANE, WV

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Tax Credit Consulting: Americans with Disabilities Act Compliance

Small Business Tax Credit - Americans with Disabilities Act

Many small businesses complain when confronted with the expense of complying with the Americans with Disabilities Act. Most do not realize that there are a number of tax incentives available to offset the costs. Importantly, one tax incentive comes in the form of a tax credit, which is far more valuable than a tax deduction when it comes to creating tax savings.

Disable Access Tax Credit

If you make your small business accessible to persons with disabilities, you can take an annual tax credit. Your business is eligible if you earned one million or less the previous year or had 30 or fewer employees. If you meet this test, you can claim a tax credit of 50 percent of your expenditures to a maximum of $5,000. Since this is a tax credit, it is deducted from your total tax liability.

To claim this tax credit your expenditures must be paid or incurred to enable your business to comply with the Americans with Disabilities Act. Expenditures might include:

  • Purchase of adaptive equipment or modification of equipment;
  • Production of print materials in alternate formats such as Braille or audio; and
  • Sign language interpreters for employees or customers.

Modifications to buildings or offices also qualify as long as two criteria are met. First, the modifications cannot be construction of something new. Second, the building must have been in service prior to November 5, 1990.

All businesses can take a tax deduction for expenditures incurred to remove physical, structural or transportation barriers for disabled individuals in the work place. This tax deduction carries no restrictions in regard to revenues earned or number of employees. Businesses may claim up to $15,000 a year as a tax deduction. Expenditure amounts exceeding this amount may also be claimed, but are subject to depreciation calculations.

To claim the barrier removal tax deduction, your expenditures must be related to making a facility or...

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