|Ask Your Tax Man: Paying for Closed Captioning
From ClosedCaptioning.net, January 2010
It’s been said that “only two things are certain in life — death and taxes”. Although this is a funny little saying, it also seems very true, doesn’t it?
Well, here’s a little tip that may save your small business some money. If you have closed captioned programming, you may be eligible to receive a tax credit for providing accessibility to persons with disabilities. It’s called the Disabled Access Credit and is reported on IRS form 8826--click here to view.
Your small business could qualify to receive a tax credit of up to half of your closed-captioning expenses. Do the math. If you’ve closed-captioned a weekly show, you may have up to $5,000 in tax credits. Of course, every situation is different, so you need to consult a tax professional to see if your situation qualifies.
What is it?
Small businesses may take an annual tax credit for making their businesses accessible to persons with disabilities.
Who is eligible?
Small businesses are eligible if they, in the previous year, earned a maximum of $1 million in revenue or had 30 or fewer full-time employees.
What is the amount?
The credit is 50% of expenditures over $250, not to exceed $10,250, for a maximum benefit of $5,000. The credit amount is subtracted from the total tax liability.
|To view some info as provided by the U.S. Department of Labor click here .|