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Tack on tax credits for new business buildings

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in Small Business Tax

Q. We need to fix up the warehouse for our supply business or relocate. Does the disabled access credit apply to new buildings? C.W., Des Moines, IA

A. Yes. You can claim the credit for renovations made to an existing structure or the cost to build a new one. The maximum credit you can claim for this work is 50% of up to $10,000 of qualified expenses, or $5,000. Note that you may be required by law to install certain accommodations.

Tip: The IRS limits this tax break to certain small operations. The business can’t have gross receipts exceeding $1 million or 30 full-time employees in the prior tax year.

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