New Hire Tax Credits Benefit Your Bottom Line!
Good news for small business owners with fewer than 100 employees. New hire tax credits are available for companies who meet the following criteria: 1) pay federal income tax, 2) who hire employees, and 3) for profit businesses. These tax credits are very beneficial to companies who hire hourly workers and those that experience rapid turnover of staff.
If you’re in a hiring mode, did you know that one out of every five new hires is eligible for a tax credit, at both the state and federal level? Employment Based Tax Credits are designed to financially incent business owners to provide opportunities to disadvantaged groups. By participating in this program, you can reduce the amount taxes that you pay the government.
For example, 20 percent of hourly wage workers will qualify to providing a tax credit to your business. It can amount to as much as $9600 per hire. There are several different tax credit types:
Typical industries that benefits from the Employment Based Tax Credit program are retail, manufacturing, healthcare, convenient stores and fast food.
Horizon Business Solutions will manage employee eligibility, administrative filings and the post hiring process for you. We’ll do the paperwork and help you identify your eligible tax credits, thereby reducing your overall annual tax liability. We can help you improve your bottom line, but simply taking advantage of what is owed to you.
Cynthia Schick | 05/13/2013