Who Qualifies for FEZEC? Employer and Employee Requirements Explained
For businesses aiming to boost their bottom line while uplifting local communities, the Federal Empowerment Zone Employment Credit (FEZEC) is a powerful, yet frequently overlooked tax incentive. At Tax Credit Group (TCG), our mission is to simplify complex federal incentives and maximize your annual savings. If your business operates in a designated zone, you could…
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What Expenses Qualify for the R&D Tax Credit?
Small- and mid-sized businesses often miss out on one of the most lucrative tax incentives available: Federal Research and Development Tax Credit. If your business is involved in design and development of new products, manufacturing process improvement, or custom software development, you are more than likely eligible for thousands of dollars in R&D tax credits. To…
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5 Common WOTC Mistakes That Cost Employers Time and Money
The Work Opportunity Tax Credit (WOTC) is one of the most powerful federal incentives available to businesses, offering up to $9,600 per eligible new hire. However, many employers fail to maximize their WOTC tax credits due to challenging federal and state compliance requirements. To maximize your WOTC tax credits and improve your bottom line, avoid…
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Employee Retention Tax Credit: ERC Refund Delays
If your business filed for the Employee Retention Credit (ERC) for years 2020 and 2021 on time but still hasn’t seen a refund, you’re not alone. Thousands of companies are caught in limbo, waiting for the IRS to process their claims. The ERC was supposed to provide fast relief — but the system has been…
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Steps to Take: How the Work Opportunity Tax Credit (WOTC) Reduces Employer Costs
The Work Opportunity Tax Credit (WOTC) is a valuable tax incentive that encourages employers to hire individuals from certain target groups who face significant barriers to employment. By taking advantage of the WOTC, employers can reduce their federal income tax liability, thereby lowering the overall cost of doing business. Here’s a guide on how employers…
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Unlocking Savings: Top Tax Credits for Businesses in 2024
In 2024, several tax credits are available for businesses in the United States. Here are some key tax credits that businesses may be eligible for: Research and Development (R&D) Tax Credit: This credit incentivizes businesses to invest in research and development. It can be used to offset federal income tax liability and, in some cases,…
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