At the most basic level, business transition planning is a strategy that can be put into play when a business is sold or changes hands. For company owners nearing retirement, a successful transition plan can play an important part in creating and preserving the value of the business after it has changed hands.
Atlanta Financial Blog
Does Your Business Qualify for the GA Retraining Tax Credit?
Did you know that Georgia offers businesses a tax break for investing in your employees? If you are a business owner, under the Georgia Retraining Tax Credit program, your business can receive a tax credit of 50 percent of your direct training expenses, with up to $500 credit per full-time employee, per training program, with an annual maximum of $1,250 per employee.
How can you tell if you might be eligible for the Retraining Tax Credit?
• Have you purchased any business software in the last three years?
o Most essential software tools qualify for a retraining credit, such as:
– Remote work software – a common expense during COVID
– Practice management and health records software
– Back office software such as payroll, finance, accounting and employee management software
– Project management
– Sales and Marketing software
• Converted any manual processes to Digital?
– Such as your customer relationship management system (CRM)
– Appointment scheduling, reminders, etc.
– Digital document storage, management and collaboration
• Upgraded any existing technology?
– Newer versions of existing software could qualify
• Added new or additional features for existing software or technology?
– Examples – your CRM added new features, your banking software was upgraded
• Increased the number of users of an existing software program or technology?
– Example – you added additional seats to your CRM software
• Switched technology vendors for your existing technology solutions?
– Switching providers for an existing solution could qualify
If you answered “Yes!” to one or more of these questions, your eligible expenses could include:
• costs of instructors and teaching materials
• employee wages during retraining
• reasonable travel expenses
Once you calculate the credit you are eligible for, retraining tax credits can be used to offset up to 50 percent of a company’s Georgia corporate income tax liability. If the earned credit exceeds that limit, then the unused credit can be carried forward for up to 10 years and applied to future years’ tax liability. Any business that files a Georgia income tax return is eligible for the retraining tax credit.
If you are interested in learning more about this often-overlooked tax benefit, reach out to your AFA advisor today. We can connect you with a specialist in this area to help you understand how you might be able to take advantage of the Georgia Retraining Tax Credit to reduce your state tax liability and help offset the cost of your investment in your employees.
The travel industry has begun to see growing demand as we move closer to summer. However, not all travel will be the same, as much of the demand is directly related to the COVID-19 vaccine and reduced CDC restrictions. Instead, industry trends have emerged based on individual comfort levels as they apply to different modes of travel.
Below we will explore some of the factors that have contributed to an increase in travel and how different industries are responding to it.
Following a year of economic instability, it appears that many of us are turning our attention to something that’s been around for decades, but has recently piqued national interest – inflation. In fact, a recent study found that people are Googling the word “inflation” at a rapid rate, with a peak not seen since 2010…
As mothers, sisters and daughters, women are often counted on to be caregivers for family members in need. Whether it’s something as small as a cold or as debilitating as a terminal illness, women are typically the ones to care for and help out when a loved one is sick. But what happens when the caregiver is in need of her own care? Too many women are stuck facing this dilemma head on, instead of preparing for it while there’s still plenty of options, resources and time ahead. Below are a few reasons why it’s so important for women to plan for their own long-term care strategies now.