The Core Stix One Fitness Package qualifies under the Americans with Disabilities Act (ADA) for a tax credit (for small businesses – $1,122.50 tax credit available with every Core Stix One Package purchased – up to $5,000 total) or tax deduction (for non-small businesses).
The amount of the credit is 50% of the amount of eligible access expenditures for a year that exceed $250 but do not exceed $10,250. No other deductions or credits are permitted for any amount for which a disabled access tax credit is allowed. The maximum allowable tax credit allowable is $5000.
For example, if your tax liability at the end of 2014 is $2,000 and you are eligible for a $1,000 ADA tax credit, your resulting tax liability would be $1,000. That is $1,000 back in your pocket!
Regarding eligibility, an eligible small business is defined as any person who elects to claim the disabled access tax credit and either: (1) had gross receipts for the preceding tax year that did not exceed one million dollars; or (2) had no more than 30 full time employees during the preceding tax year.
Please click here for more detailed ADA information regarding the tax deduction and tax credit.
Please click here for the ADA tax form for claiming your ADA Tax Credit.
Please consult your tax advisor to verify eligibility.