Tax Write-Offs for Small Business Owners: 2016 Edition

As a small business owner, navigating the complex world of taxes can be overwhelming. However, with the right knowledge and strategies, you can maximize your savings and grow your company. In this article, we'll explore some of the tax write-offs available to small businesses in Georgia, specifically those that involve manufacturing, telecommunications, broadcasting, warehousing, research, processing, or tourism.

One of the most significant benefits for small business owners is the Job Tax Credit. This program provides a credit amount based on where the job is created, with zones or tiers dividing areas that need economic help the most. For instance, if your business creates jobs in an area deemed high-need, you may be eligible for a larger credit.

In addition to the Job Tax Credit, small businesses can benefit from other tax credits and exemptions. For example, companies involved in manufacturing, telecommunications, broadcasting, warehousing, research, processing, or tourism may qualify for a break on taxes. These industries are crucial to Georgia's economy, and the state offers various incentives to support their growth.

Georgia is an attractive state for small and large businesses due to its many tax benefits. One such benefit is the Inventory Tax Exemption, which allows companies with inventory held in a factory or warehouse to pay no property taxes. This exemption can be a significant cost savings for manufacturing companies, allowing them to reinvest resources into their business.

Another valuable tax exemption is the Sales Tax and Use Tax Exemption, designed specifically for manufacturers. When purchasing or operating certain types of machinery, these companies can avoid paying sales tax and use tax. This can result in substantial savings over time, freeing up capital for other important business expenses.

For new businesses or startups, Georgia offers a range of tax advantages that can help them get established and thrive. By taking advantage of the state's many tax benefits, small business owners can reduce their financial burden and focus on what matters most – growing their company and creating jobs.

In conclusion, Georgia is an excellent choice for small business owners looking to minimize their tax liability while maximizing their growth potential. With its competitive tax rates, generous tax credits, and exemptions, the state offers a business-friendly environment that can help your company succeed. Whether you're a manufacturing company, telecommunications provider, or tourism operator, Georgia's tax write-offs can provide the relief you need to thrive in today's competitive market.

Tax write offs for small business owners 2016