President George H. W. Bush signed The Americans with Disabilities Act on July 26, 1990. This landmark legislation made it possible for the hiring of people with disabilities. The law prohibits employers from denying people with disabilities an opportunity for jobs. To receive protection with this law, the job applicant must be impaired physically or mentally in a manner that affects one or more of his or her activities.
Many employers do not see the value in hiring people with special needs because many of these individuals have limited mobility. The fact is that hiring and giving an opportunity to a disabled person provides the employer with tax benefits. After reading about these tax benefits, you may decide that offering more jobs to people with disabilities would be an opportunity for them and a worthwhile thing for you.
The Disabled Access Credit
A small business would be eligible for the Disabled Access Credit if it spends money for the purpose of making its building more accessible to people with special needs. This would make it easier for businesses to plan on hiring more people with disabilities for their available jobs. The businesses will receive a non-refundable credit for their expenses. To be eligible for this credit, a small business must have earned less than $1 million in the previous year. It can also qualify if it has 30 or fewer full-time employees. You would be welcome to take this credit every year that you have eligible expenses.
The Work Opportunity Tax Credit
The Work Opportunity Tax Credit offers employers tax benefits for hiring people with special needs. The tax benefits that you can receive will depend on the amount of time that people with special needs spend in their jobs. If employers are hiring people regularly excluded from jobs in America, they are welcome to take this credit.
The Architectural Barrier Removal Tax Deduction
The Architectural Barrier Removal Tax Deduction is an incentive for any business to remove architectural and transportation barriers to the elderly and people with special needs. Ordinarily, these expenses would need to be capitalized, but businesses would be able to claim this deduction by placing these expenditures on their tax returns. If they qualify to take advantage of the Disabled Tax Credit and the architectural/transportation tax deduction in the same year, businesses may take these tax benefits together.
There are many tax benefits for people with special needs. When they are given an opportunity to accept jobs, they may take standard deductions and exemptions. A business that gives an opportunity to obtain jobs to people with special needs may take the credits listed above and itemized deductions as well.