How To Get Tax Breaks For Your Business? 3 Summer Tax Breaks For Going Green
Going Green Is Good Business!
Going green is certainly good for the planet and thanks to a variety of tax breaks, implementing green business practices can also be good for your bottom line. We’ve searched around and come up with some tax credits awarded to businesses for going green and while there are plenty of merits to conducting business in a green manner, it’s a nice perk to also receive a financial benefit right? Take a minute and read on to learn more.
Use Alternate Powered Vehicles for Company Cars
The IRS offers an alternative motor vehicle credit for qualified fuel cell powered vehicles. The amount of the credit depends on the type of vehicle and the weight, but every bit helps when you’re reducing emissions from fossil fuel burning vehicles and tallying up your tax credits.
Use the Elements to Power Your Business
Installing solar panels will allow you to operate using clean energy and it will also qualify you for a Solar Investment Tax Credit. This 30 percent tax credit will help offset some of the expense of installing solar panels and you’ll continue to save money since the panels will convert the suns energy into electricity for your commercial building.
Fuel cells and small wind turbines, along with other eligible technologies, can also score you a 30 percent tax credit, while geothermal, micro-turbines and CHP (combined heat and power) technologies can incur a 10 percent tax credit.
Look for Benefits Offered at the State Level
All of the benefits listed above are offered by the federal government, but you should definitely check out what incentives and credits are available at the state level. For instance, the State of Arizona offers a tax credit equal to 25 percent of the cost of a rainwater harvesting system and in Austin, Texas commercial properties can receive rebates up to $40,000 for the installation of rainwater harvesting systems.
There are also a whole slew of tax incentives rewarded for green building methods. If you find yourself outgrowing your space and you want to expand your existing building or possibly refurbish a new space or even build new, do your homework ahead of time and look for ways to further green your business while also capitalizing on available tax incentives.
Green Business Translates into Success on Many Levels
Work with your accountant to determine whether you qualify for any green tax credits and remember to cross reference any green methods you may have implemented over the last several years against available credits since you still may be able to claim them.
When you put green business practices into play you are doing right by the planet either through conserving or reducing the use of natural resources or utilizing alternative power sources.
Minimizing the carbon footprint of your business is certainly an indication of success, but when you can also receive financial incentives and tax credits that’s just plain good business.
Do you take advantage of any green tax credits either federal or for your state? Let us know in the comments!Tagged