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…
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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.…
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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…
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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…
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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)…
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Understanding Work Opportunity Tax Credit (WOTC) Screening
The Work Opportunity Tax Credit (WOTC) Program is a federal tax incentive program that was designed to encourage employers to hire individuals who have historically faced barriers to employment. Each qualified new employee generally entitles you to a tax credit of either 25% or 40% of the first $6,000 in wages earned during the certified…
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