Ronald M. Shultz CPA Has Tax Tips for Business Owners

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Gainesville Accountant Ronald M Shultz CPA PA shares an article that highlights 5 tax credits business owners may be missing on their 2012 tax returns.

Ronald M Shultz CPA PA, a Gainesville accountant that serves the North Central Florida area, is sharing important tax information for business owners. With tax season in full swing, business owners should be more aware of the credits that are put into place specifically for their benefit.

The article highlights five tax credits for business. The first credit is part of the Affordable Care Act of 2010. This small business health care tax credit allows for companies with fewer than 25 full-time employees with an average salaries of less than $50,000 a year, and contribute at least 50 percent of the health care coverage, to receive a credit of up to 35 percent –this is the maximum. A maximum of 25 percent is set for tax-exempt organizations.

For employers who have hired a veteran, they may qualify for the Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Employers who qualify should fill out an 8850 form within 28 days of hiring a qualified veteran.

Companies that engage in technological research may qualify for the credit for increasing research activities. The company’s work must relate to a new or improved function or level of quality, performance or reliability, and must ultimately be of business benefit to taxpayers. Those companies should fill out a 6765 form.

Small employers may qualify for the pension plan startup cost credit. Giving employers up to 50 percent for costs associated with initiating employee retirement plans, this credit can be claimed for up to three years at a $500 maximum. Qualified employers can fill out form 3800.

The last credit is for businesses that provide childcare facilities and services to their employees. Also on form 3800, businesses can receive 25 percent of these costs and 10 percent of the qualified childcare resource and referral expenditures. The limit is $150,000 per tax year.

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To meet the needs of their clients, Ronald M. Shultz, CPA, PA was established as a Florida CPA firm to provide accounting, corporate tax, and business advisory services to corporations, small businesses and individuals throughout North Central Florida. They provide quality service for their clients by staying abreast of accounting and tax law changes, and by taking a proactive interest in the smooth financial management of their clients' business. At Ronald M. Shultz, CPA, PA, they make it their goal to understand the individual needs of every client including addressing industry specific challenges, compliance needs and standard tax practices. For more information about the firm, please visit:

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