When it comes to the environment, there are plenty of things you can do as a business to decrease your footprint and make a positive impact.
You’ll not only do something great for the earth when you go green, but you’ll also reap a few unique environment tax benefits, too.
Read on for seven ways you can go green while saving your business money in the process.
1. Opt for Renewable Energy
From wind to solar, renewable energy is becoming the preference for private homes and businesses. If you switch over to a renewable energy plan for your business, you could get a discount of up to 30-percent in tax credits.
This credit is applicable to geothermal heat pumps, solar electric systems, solar water heating, and small wind-energy properties. The credit will reduce each year until 2021 when it expires, so now is the time to take advantage of this option. Not only will you get a decent tax break to implement this energy, but your business will also save on energy costs, so it’s a win-win.
2. Switch Gas-Guzzlers For Hybrids
If you currently use company vehicles, consider making the switch over to hybrid or electric models. The US Department of Energy offers tax credits for certain cars based on the make, model, and year.
Check the DOE website to see which vehicles currently apply for the tax credit. You may also qualify for certain state or local incentives, too. The credits you receive will vary and depend on the vehicle’s battery capacity, but it’s also a smart way to save on company fuel costs and go green.
3. Go Green and Donate Those Old Electronics
From your outdated PCs to that clunky copier, you can gain a tax credit by donating these old electronics instead of sending them to the dump. When you donate, you’ll receive a charitable tax benefit whether you give them to a nonprofit or a company that partners with one.
You may assign your own fair market value to the items you donate based on what the item typically sells for. Some tax software will help you do this for you, and then you can use this value when you file your annual tax return. Donating unused or older electronics is a great way to go green and to help other people who could use them for good.
4. Make Some Energy-Saving Improvements
If you decide to upgrade your business, you could save on your taxes, too. Whether you change your power source or make changes to transform your company to be more energy-efficient, there are several incentives that can save you money.
Make sure you keep all receipts of any work done or anything you pay for over the course of a year. The tax break will vary depending on what you do and how much you spend, and you can only claim it once. Choose your updates and upgrades wisely so you can claim as much as possible within a one-year timeframe.
5. Get Off the Paper and Onto the Cloud
Paper use and consumption are out of control, and it’s certainly not good for the environment. One easy way to go green is to make the change from all-paper documents to a virtual server, or cloud.
Try to encourage employees to minimize their paper use and stick to email communication and saved documents on their PC instead. This simple switch is easy and will also reduce clutter in the office space. You can talk to a professional who can create a cloud server tailored to your company to help you reduce or even completely eliminate the need for paper as time goes on.
6. Propose a Green Plan to Investors
One wise way to grow your business while going green is to document your savings and pass that information on to investors. Most people who invest their money in business want to see companies that are reducing overhead costs.
When you lessen your overhead costs, you’re not only saving, but you’re also making a bigger profit. Investors love to explore green companies that focus on saving both their money and the environment. Document how much you’re saving and what you are doing to keep costs and consumption lower, then pass that information to potential investors.
7. Consider Telecommuting for Employees
There are some jobs where you absolutely must have your employees in the office. However, many jobs can be done remotely by the use of telecommuting with a simple Internet connection at home.
When you allow employees to work from home, you won’t need as large of office space. This can save you tons of money on things like rent and energy consumption. The employees will love getting to work in their own homes, and you’ll love the savings for both your business and the environment.
The Earth and Your Wallet Will Thank You
When you decide to go green, you’ll notice just how much money your company can save in the long term. Consider the many tax benefits available to you so your business can take advantage of everything that’s available.
From telecommuting employees to donating your old electronics, there are plenty of things every company can do to promote a cleaner, healthier world. Think about how you can convert your energy use over to wind or solar, and reduce the amount of paper you use to keep the earth cleaner.
For all your business tax needs, be sure to visit our website and contact us today to get connected to one of our professional attorneys.