Couldn't Lower Company Taxes Enough This Year? Some Things You Can Do For Next Year
You donate, you scrimp, you save, and you donate some more, and you look for every deduction and break you can. Still, your company's tax responsibility was more than you liked this year. It is really hard trying to break even when you are working to make your company successful without owing the government too much. Even though there really is nothing you can do about this year's taxes, there is plenty you can do about next year's taxes that will hopefully make a difference in how much your company will owe.
Carbon Tax Benefits
This is a tax loophole a lot of companies forget about. Really, you should not, because this tax benefit is worth every cent you invest. Maybe instead of lots of donations this year, you use a larger portion of the money to make major changes to your company to make it "green" and make sure it has less of a carbon footprint.
The carbon tax benefits are all about cutting back on everything that causes the greenhouse effect in the atmosphere, from encouraging employees to carpool in electric cars to swapping your fluorescent lightbulbs in the office for LEDs. Updating company heating and cooling systems to much more efficient and earth-friendly options (e.g., geothermal energy) also counts. The tax breaks you can get with the carbon tax vary widely, depending on all of the qualified improvements and measures your company takes, but it could be something that could make a really huge difference on your tax bill next year if you and your company get started now.
Go Completely Digital/Paperless
Spending thousands of dollars on office supplies seems like it would be helpful with the taxes, but really, the tax breaks often apply only to tech products and office furniture (have your accountant read the fine print to you). Additionally, going entirely paperless means that everything is digital and no trees are harmed by your company via paper products. This is another step in going green, and some states provide special tax breaks for companies that use zero paper in the office. The tax breaks for green habits in these states are just that; state tax breaks, but every little bit helps.
Drop the Company Jet
If you have a company aircraft of any kind, sell it. The expenses related to such an asset are extremely high. There are the environmental cost and fees, the maintenance fees, the jet fuel or helicopter gas fees, and the taxes that the federal and state government charge you every year. Fly commercial when you have to fly at all or charter a jet. It is much cheaper overall, especially if you rarely use the company jet anyway.