Going Green: The Perfect Choice to Lower your Business Tax
Going green has many benefits for your business. Consumers want businesses that are concerned about the environment. When you install new appliances that are energy-efficient, your business saves money on utilities and reduces your carbon footprint. Going green can make your business stay modern. Sometimes, you can even find a business tax incentive when you upgrade.
Where to find incentives
It’s getting harder to find business tax incentives with the federal government, but there are still a few credits and deductions available. There are even more state and local programs, sometimes through utility companies or municipalities. Here are some suggestions on where to look for programs:
• DOE Fuel Economy Tax benefits for all-electric cars based on make and model.
A resource for state and local incentives, searchable by state. Although it once was federally-funded and free, it’s no longer supported by the government. Currently, the service is free, but it could change.
Find resources, promotions and workbooks to be eco-friendly. According to the website, small businesses can often save as much money as large organizations by being energy conscious and installing the right equipment.
There is a business tax credit for renewable energy installation, such as solar panels or geothermal heat pumps. A good resource for finding credits is to ask the contractor, as the company may be more aware of what’s available in the industry.
The government also has a program for hiring veterans. Take advantage of the program and go green by hiring experienced personnel to help you do restoration and renovation in your business.
Donate used electronics to a non-profit and take a deduction on your taxes for your charitable contribution. Computers, printers and other devices that aren’t up to your business standards can often still be used in different settings. Rather than send them to a landfill or have them collect dust in storage, get a tax credit for giving electronics a new home.
Looking for working capital to make energy upgrades? Contact Artemis Commercial Capital for financing options.