Are You Missing Out On Tax Savings?

Many small businesses overlook valuable tax credits and deductions that can significantly reduce their tax burden. For example, the Differential Wage Payment Credit offers a 20% credit (up to $20,000) for wages paid to active-duty military employees, while the Disabled Access Credit provides up to $5,000 for improving accessibility for people with disabilities. Employers who offer childcare benefits can take advantage of the Employer-Provided Childcare Credit, which lowers taxable wages for employees and offsets federal tax liability.

Supporting employees through Paid Family and Medical Leave can also lead to savings, with a 25% credit on wages paid during leave. In the food and beverage sector, businesses can benefit from the Tip Tax Credit, covering Social Security and Medicare taxes on employee tips. Similarly, employers in Empowerment Zones can claim 20% of wages (up to $15,000) paid to eligible employees.

For businesses supporting military families, the Military Spouse Participation Credit rewards immediate inclusion of military spouses in retirement plans. Additionally, small employers offering health insurance can claim up to 50% of premiums through the Small Employer Health Insurance Credit. Starting a retirement plan? The Pension Plan Startup Credit covers up to 50% of setup costs.

WY this matters to you: Tax credits and deductions help Wyoming businesses save money, reinvest in growth, and support their communities. From hiring incentives like the Work Opportunity Tax Credit to the Small Employer Health Insurance Credit, these benefits can offset rising costs, ease labor shortages, and boost employee retention. Every dollar saved strengthens local economies, helping businesses stay competitive and thrive in Wyoming’s unique market.