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Barrier Removal
Tax Deduction
(Federal Architectural &
Transportation Tax
Deduction)
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The cost of
an improvement to a business asset is normally a capital
expense. However, you can choose to deduct the costs of
making a facility or public transportation vehicle more
accessible to and usable by those who disabled or
elderly. Business may take an annual deduction for
expenses incurred to remove physical, structural, and
transportation barriers. |
All taxpaying businesses
are eligible. Deduction up to $15,000 per year for
qualified architectural and transportation barrier
removal expenses. |
Small Business Access Tax Credit
(Federal Disabled Access Tax Credit for Small
Businesses)
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The disabled
access credit is a nonrefundable annual tax credit for
an eligible small business that pays or incurs expenses
to provide access to persons with disabilities. |
Small businesses that in
the previous year earned $1 million or less in gross
receipts or had 30 or fewer full-time employees are
eligible. |
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Work Opportunity
Tax Credit (WOTC)(Federal)
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The Work
Opportunity Tax Credit (WOTC), provides a tax credit for
employers hiring individuals from certain targeted
groups (see detailed information). |
An employer may take a
tax credit of up to 40% of the first $6,000 in the first
year wages per qualifying employee. The maximum per
employee is $2,400 per tax year. (see detailed
information) |
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Iowa Small
Business Income Tax Deduction
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Iowa Small
Businesses that meet the criteria (see detailed
information) are allowed an additional deduction on
their Iowa Income Tax return. A small business cannot
have more 20 full-time employees or make more than $3
million in annual gross revenues. |
This deduction is in
addition to the Work Opportunity Tax Credit. This
deduction is 65% of the wages paid in the first 12
months of employment; the deduction ceiling is $20,000
per employee. |
