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Best tax credits for small business owners filing this year
Tax season is no walk in the park — and that’s especially so for small business owners and solopreneurs. Even if you’re already properly managing your quarterly taxes and have all of your ducks in a row, this time of year means facing your business financials head-on and making any revisions needed to keep your business books going in the right direction.
Thankfully for small business owners, there are a handful of really good tax credits that you can take advantage of for the 2024 tax year. The following tax credits range from employee retention to healthcare credits, all of which are designed to give small business owners a leg up come tax season.
What is the difference between a tax deduction and a tax credit?
The main difference between a tax deduction and a tax credit is that a tax deduction applies to your business income, which can potentially put you into a lower tax bracket and lessen the amount of taxable income you’ll report to the IRA. A tax credit is simpler — it reduces the dollar amount of taxes that you owe. This means that you’ll save dollar-for-dollar on the tax credits that apply to your small business.
Here are the best 2024 tax credits for small business owners:
Disabled Access Tax Credit
The Disabled Access Tax Credit covers 50% of expenses incurred (up to $10,250) from making your small business more accessible to those living with disabilities. The credit can also be used for hiring interpreters, making alternative materials available to individuals with visual impairments, and more.
Empowerment Zone Employment Credit
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The Empowerment Zone Employment Credit allows businesses in empowerment zones or distressed areas that hire and retain employees in said area to claim up to $3000 per employee. The credit doesn’t limit the number of employees and can be renewed annually.
Qualified Plug-in Electric and Electric Vehicle Tax Credit
If you purchased a plug-in electric vehicle such as an electric car or electric scooter for your small business after the 2010 tax year, your small business might be eligible for this tax credit. The credit total is between $2,500 and $7,500 depending on the size of your EV’s battery.
R&D Tax Credit
Businesses of all sizes that are innovating a process or product and can prove that they’re doing so through quantifiable research are eligible for the R&D Tax Credit. This might include software development, design, product enhancements, and other relevant innovations.
SECURE 2.0 Act
The SECURE 2.0 Act affords tax credits to small businesses that implement a 401(k) plan for employees or that add an auto-enrollment feature to an existing employer retirement plan.
Small Business Health Care Tax Credit
The Small Business Health Care Tax Credit was created to help small businesses put in place health insurance programs for their employees. The tax credit covers 50% of premiums paid and is available for small business owners for up to two consecutive taxable years. Keep in mind that to qualify for this tax credit, a small business must also have fewer than 25 full-time employees and pay average wages below the annual inflation-adjusted limit.
Work Opportunity Tax Credit
The Work Opportunity Tax Credit was first announced in 2021 but has since been extended to the end of 2025 by the Consolidated Appropriations Act. This tax credit applies to small businesses that hire those who otherwise face difficulties finding employment, such as ex-felons, SNAP recipients, and certain veterans. Small business owners can receive up to $2400 for every new hire that meets the appropriate specifications.
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Entertainment
Best Mothers Day gifts: Show mom some love
Mother figures are the backbone of the world. Yours may be your biological mother, or maybe she’s your mother-in-law, your best friend’s mom, or simply someone whose motherly instinct has helped you through hard times.
Moms teach you the adulting necessities, give advice even if the problem is your fault, and above all, they put up with your shit and (almost) never complain.
The game plan here isn’t just to snag the last bouquet at CVS just so you’re not the kid who forgot Mother’s Day (but definitely also get flowers). And you don’t even need to spend a lot of money. (Peep our list of Mother’s Day gifts that cost less than $50. Want even more cheap gift ideas?
Skip the generic mugs and show your appreciation with a gift picked just for her: Whether it’s something to make a part of her life easier, something she’s mentioned wanting in passing, or simply something to make her feel like a damn queen, you can’t put a price on everything she’s done for you, but heartfelt gifts certainly help.
After all, they say “No matter how hard you try, you always end up like your mother.” But is that even a bad thing?
Entertainment
Ban subscriptions and get Microsoft Office 2024 for life for just £121
TL;DR: Grab Microsoft Office 2024 Home and Business for PC or Mac for just £120.54 through June 1.
You wouldn’t keep paying for Netflix if you could own your favorite shows, right? So why are you still subscribing to Office apps you use every day? Microsoft 365’s price keeps going up, but there’s finally a way to break free — and it’ll cost you way less in the long run.
Microsoft Office 2024 is the answer you’ve been looking for. Instead of monthly payments, simply pay £120.54 once and be set for life (reg. £188.37). It’s that simple. And, yes, this lifetime download works for PC or Mac.
What’s included?
This license comes with:
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Word
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Excel
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PowerPoint
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Outlook
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OneNote
The newest version of Microsoft Office is a little different from Microsoft 365. But just because you’re switching to a lifetime license doesn’t mean you’ll miss out on some of the most recent updates. Word and Excel both still have AI integrations for text suggestions and smart data analysis, and PowerPoint still has improved tools for recorded presentations.
Once you’ve redeemed your purchase, you can install your apps on one computer. After that, they’re yours to use however you want. No more subscription fees or sudden price hikes to worry about.
Why rent when you can own?
Mashable Deals
Get a Microsoft Office lifetime license on sale for £120.54 with no coupon needed.
StackSocial prices subject to change.
Entertainment
Wordle today: Answer, hints for May 9, 2025
Oh hey there! If you’re here, it must be time for Wordle. As always, we’re serving up our daily hints and tips to help you figure out today’s answer.
If you just want to be told today’s word, you can jump to the bottom of this article for today’s Wordle solution revealed. But if you’d rather solve it yourself, keep reading for some clues, tips, and strategies to assist you.
Where did Wordle come from?
Originally created by engineer Josh Wardle as a gift for his partner, Wordle rapidly spread to become an international phenomenon, with thousands of people around the globe playing every day. Alternate Wordle versions created by fans also sprang up, including battle royale Squabble, music identification game Heardle, and variations like Dordle and Quordle that make you guess multiple words at once.
Wordle eventually became so popular that it was purchased by the New York Times, and TikTok creators even livestream themselves playing.
What’s the best Wordle starting word?
The best Wordle starting word is the one that speaks to you. But if you prefer to be strategic in your approach, we have a few ideas to help you pick a word that might help you find the solution faster. One tip is to select a word that includes at least two different vowels, plus some common consonants like S, T, R, or N.
What happened to the Wordle archive?
The entire archive of past Wordle puzzles was originally available for anyone to enjoy whenever they felt like it, but it was later taken down, with the website’s creator stating it was done at the request of the New York Times. However, the New York Times then rolled out its own Wordle Archive, available only to NYT Games subscribers.
Is Wordle getting harder?
It might feel like Wordle is getting harder, but it actually isn’t any more difficult than when it first began. You can turn on Wordle‘s Hard Mode if you’re after more of a challenge, though.
Here’s a subtle hint for today’s Wordle answer:
Gibberish.
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Does today’s Wordle answer have a double letter?
There are no recurring letters.
Today’s Wordle is a 5-letter word that starts with…
Today’s Wordle starts with the letter T.
The Wordle answer today is…
Get your last guesses in now, because it’s your final chance to solve today’s Wordle before we reveal the solution.
Drumroll please!
The solution to today’s Wordle is…
TRIPE.
Don’t feel down if you didn’t manage to guess it this time. There will be a new Wordle for you to stretch your brain with tomorrow, and we’ll be back again to guide you with more helpful hints.
Are you also playing NYT Strands? See hints and answers for today’s Strands.
Reporting by Chance Townsend, Caitlin Welsh, Sam Haysom, Amanda Yeo, Shannon Connellan, Cecily Mauran, Mike Pearl, and Adam Rosenberg contributed to this article.
If you’re looking for more puzzles, Mashable’s got games now! Check out our games hub for Mahjong, Sudoku, free crossword, and more.
Not the day you’re after? Here’s the solution to yesterday’s Wordle.
A'ja Wilson has no shortage of motivation after Aces' early exit in '24
Best Mothers Day gifts: Show mom some love
