A Small Business Owner’s Guide to Tax Credits: Which Ones Actually Work for You?
The IRS offers tax credits designed to reward the very things small businesses are already doing to grow. The tricky part is figuring out which ones apply to you. A tax credit is different from a deduction. Deductions lower your taxable income, while credits reduce your tax bill dollar-for-dollar. That means they can have a…
Read article
A Guide to Savings: Employee Work Opportunity Tax Credit Screening
You already know that the Work Opportunity Tax Credit (WOTC) federal tax incentive can translate into significant savings for your business by simply hiring individuals from specific target groups. But understanding that WOTC exists and actually claiming those credits are two different things. The most important bridge between the two is the WOTC screening process.…
Read article
Honoring Veterans with Meaningful Employment and Raising Your Work Opportunity Tax Credit (WOTC)
As we approach the celebration of our nation’s birth this July, let’s take a moment to reflect on the immense sacrifices and contributions of our service members. When veterans transition from military service to civilian life, they often seek new opportunities in the workforce. Hiring these highly skilled and dedicated individuals is not only a…
Read article
Why Employers Should Consider Hiring Persons with Disabilities
Companies often miss hiring amazing employees because of unfounded fears associated with hiring persons with disabilities. Many major corporations have found tremendous success and benefits by hiring from a talent pool that most shy away from. Here we’d like to help ease your fears by proving that most of them are truly myths. Hiring persons…
Read article
Research and Development Tax Credit for Small Businesses
What is the Research and Development (R&D) Tax Credit? The R&D Tax Credit is a federal incentive that allows companies to reduce income tax liability for performing activities related to the development, design, or improvement of products, processes, formulas, or software. Over 65 industries are eligible to claim the Research and Development Tax Credit by…
Read article
How to File a WOTC Certification Request
How to File a WOTC Certification Request To verify whether a job applicant is a first-time, qualifying member of a targeted group, employers are required to submit IRS Form 8850 together with ETA Form 9061 or ETA Form 9062 to the state workforce agency in which the employer’s business is located (where the employee works)…
Read article
© Copyright 2024 Tax Credit Group, Inc. All rights reserved. | Custom website by Amplimark