Every person has the right to employment. There are many bodies that have taken steps to encourage companies to advocate for those with disabilities. Companies can receive motivation for employing people with disabilities, giving these people a chance at a better life. Here are some of the tax benefits for businesses who have employees with disabilities.

Disabled Access Credits

Small businesses that are hiring people with disabilities can benefit from disabled access credit. This provides them with a non-refundable credit for any expenditures incurred when hiring a person with disabilities. Businesses are able to benefit from this tax benefit when they earn a maximum of $1 in annual revenue or if they have 30 or less full time employees in the previous year.

Work Opportunity Tax Credit

There are Work Opportunity Tax Credit (WOTC) certified employees which small companies are able to hire. With tax credits for disabled workers, employers are able to fill positions with these certified employees and also receive some benefits for the same. This credit also allows the businesses to claim a federal income tax credit for a specific amount of the employee’s salary. To get this benefit, one would need to hire a job seeker that has been referred by a vocational rehabilitation service. Another criteria would be that before 60 days of being hired, a person has received Social Security Income.

WOTC Extension for Hiring Veterans with Disabilities

This is another version of the aforementioned WOTC. It is geared towards the employers who hire military veterans that have service connected disabilities. With this extension, it is possible for businesses to get a $4,800 first year wage reimbursement for the veterans that they hire within a year of leaving the armed forces. Furthermore, the government permits for the employer to double the credit amount for the disabled veterans, meaning that a business can get a maximum credit of up to $9,600. Having these small business tax credits help put these veterans under consideration.

Barrier Removal Tax Deduction

Another tax benefit that small businesses can benefit from is the Barrier Removal Tax Deduction. This is a benefit that is put in place for the businesses which have determined to remove transportation and architectural barriers. This is so that those with disabilities have better mobility within the premises. It also makes the elderly more comfortable as they can also enjoy better mobility. With this benefit, it is possible for a business to make a deduction of up to $15,000 each year. Businesses are able to claim the deduction by listing the barrier removal as a separate expense.

When it comes to building up the economy, it is the small businesses that can make a big difference. Hiring disabled workers should be viewed as an advantage for the company, and indeed it is. By the government offering tax breaks for hiring employees for these businesses that go the extra mile to hire people with disabilities, everyone wins. All businesses need to make the most of these benefits is a clear understanding of the process.