Basic Facts about Government Tax Incentives
Federal tax credits are available to employers who hire individuals from certain target groups. You can earn up to $9,600 per employee under the Work Opportunity Tax Credit (WOTC) guidelines. Here are other facts that you should know about government tax incentives:
- Depending on the organization's structure, these credits can be passed through to the owners' or partners' personal income taxes.
- Tax credits can be carried back one year and/or forward for up to 20 years.
- Most Fortune 1000 companies participate in various tax incentives.
- Federal tax credits may also "piggyback" many state tax incentives.
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- No limit to the number of qualified employees.
- Tax incentives reduce business operating costs.
- Claiming tax incentives increases your bottom line.
- No changes to your existing hiring practices are required.
- You can capture tax credits for employees who are already on your payroll.
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Contact our dependable tax consultants today at 951.272.8294 or info@mja-associates.com for more information on our WOTC processing services.
