Going is optional, but when you embrace it as a business, it brings along several benefits. When you go green, you take care of your business needs while protecting your employees and the environment in the process. There is business tax relief that you can enjoy from the government when you decide to go green. Below are tax breaks for green companies that you can enjoy.
Electric Vehicle Incentives
Buying electric vehicles for your business needs comes with a tax credit that can help your business. The business tax break only applies to companies that consider replacing their traditional vehicles with electric vehicles. By deciding to go green, you can enjoy this break.
Pre-tax Savings for Mass Transit Commuters
For business people or employees that use transit commuters to go to work, there is a tax break that you can enjoy from the government. This is through your transit pass, voucher, token, or fare card that you can use and allows you to ride at a reduced rate or free. With this tax relief, you also save on monthly transport expenses.
Bicycle Commuting Reimbursement
This is a business tax relief program where your employer offers a reimbursement, which is not part of your income but a federal income tax return when you ride a bike to and from the workplace. This is applicable as long as you do not accept or receive commuter highway vehicle benefits. The aim is for reimbursement of bicycle purchases, repairs, improvements, and storage expenses.
Green Office Supplies
There is a tax deduction for every office or business supply you get as long as they are ordinary and necessary. When you decide on and stick to using eco-friendly office and business products, you can enjoy this business tax break. You should also be keen on incorporating reusing and recycling measures in your office and business activities.
Writing a check to a charity is tax-deductible same as a donation of any kind. This means that as a green company when you decide to contribute or donate electronics, clothes, household goods, or computers, you can get tax relief. As long as you keep your donation records clear, you can get a deduction per the value of the items donated. Contact Emerald Valley Financial for more information and guidance on business tax for green companies.