National Child Care Association: Maximizing Tax Credits and Financial Incentive Opportunities in 2023

Tax credits and other financial incentives have been all the rage with Congress’s rollout of popular programs such as the Paycheck Protection Program and the Employee Retention Credit in response to the COVID-19 pandemic.  But there are other high-value credits and tax and business planning maneuvers that business owners are missing out on including the Work Opportunity Tax Credit, Research and Development Credit, carefully planning how and when to recognize expenses by using Bonus Depreciation or claiming Section 179 Expenses.  Savvy business owners should also be thoughtful about their choice of entity selection to maximize tax efficiency and there’s even more fun with pass-through entities.