Business Tax Incentives for Going Green
If you own a company and you aren’t taking advantage of your industry’s tax codes, you’re probably losing a significant amount of money each year. Tax policies offer business owners a lot of worthwhile incentives, and green energy is one of the best examples. If you’re looking for a way to lower your business tax payments, going green might be the perfect solution.
Renewable Energy Incentives
At least until the end of 2019, and probably beyond, you’ll be able to get a massive break on installing a renewable system for your company. Up to 30 percent of what you spend might be deductible as a business expense, and in most cases the remaining 70 percent will be won back in a few years via energy savings. If you currently take a significant hit with your business tax, this type of spending and the subsequent write off can greatly offset that cost.
Charitable giving is a favorite deduction of both individuals and corporations. Now, thanks to recycling efforts, you can reduce your tax spending by donating old electronics that you would otherwise throw away. If you work for a nonprofit or have any partners that fall under the 501(c)(3) umbrella, you can get a decent kickback just for donating old electronics that might not even work. This keeps hazardous products out of landfills, helps get devices to those who can make use of them, and saves you a chunk of change when tax season rolls around.
Helping Others Go Green
If your company already operates on solar power and your fleet is made entirely of hybrid vehicles, there are still ways you can enjoy a nice business tax write off. In many regions, companies can invest in programs that bring green energy to other organizations and city developments. Some of these organizations employ veterans to install solar panels, while others work with at-risk youth to clean up urban areas and reduce litter and pollution. This allows your company to spend money in a way that benefits the green movement without directly changing your business practices. If you have access to one of these programs, it’s a great way to combine going green with a charitable effort, all while helping your tax situation.
No one wants to pay more than his or her fair share in taxes. Fortunately, there are dozens of ways you can use the green energy movement to cut back on your business tax and do something good for the planet.