Business owners could qualify for more tax credits than they think

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WILMINGTON, NC (WWAY) — If you are a business owner that lost money from Hurricane Florence, you might be able to get some breaks on your taxes this year.

Tax experts say business owners could be missing out on different kinds of tax breaks. For some owners who lost quite a lot from Florence, these credits could go a long way.

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One expert says many business owners do not even know that they could qualify for certain tax breaks.

Michelle Nice is a business profit consultant. She says owners could qualify for thousands of dollars.

Nice says these credits could be towards things like property taxes and building expenses.

One owner says any tax credits could mean quite a lot for him.

“If I can get any type of reimbursement, incentive or anything back on my business that I lost, that would mean a great deal to me. but me, being a business owner, you still have to pay taxes and every single thing. And at the end of the year, you’re hit with everything dealing with a business,” said Shannon Ward, who owns OSC Automotive and Repair.

Ward says he suffered major storm damage. He says he has spent at least $70,000 out of his own pocket on repairs.

Michelle Nice is partnering with The Greater Topsail Area Chamber of Commerce to host a workshop for business owners in January. Nice encourages all owners who suffered losses from the storm to come out.