How The Hiring Tax Credit Can Drastically Reduce Your Corporate Tax Liability
Federal hiring credits, tax credits for hiring veterans, work opportunity tax credits and enterprise zone hiring tax credit are some of the top means that corporations located in California can use to save on next year's tax debt. However, many California companies fail to take advantage of these substantial hiring tax credit benefits, simply because they are unaware of them. This is a major reason why you will want to start now with planning for next season's corporate taxes, and the person who is best qualified to offer sound advice in this regard is a certified public accountant with a background in corporate tax credits. Working with this professional, who has expertise in this strategic area, can bring your corporate tax bill down dramatically.
WOTC California, also known as work opportunity tax credits, is a type of hiring tax credit that can help your company save at tax time. This is a federal tax credit that can offer from $2,400 to $9,000 per employee that qualifies.
Another hiring tax credit similar to WOTC in terms of how employees qualify is the enterprise zone hiring tax credit. This is a state-based hiring tax credit that will allow you to take credit for certain employees that are in designated groups, and this includes your ability to claim tax credits for hiring veterans. The veterans must be disabled, and unemployed veterans who have been discharged from the armed services in the last five years and have seen at least one hundred and eighty days of active duty, have been discharged or released due to a service-related disability, as well as veterans who recently quality for food stamps would all be eligible for enterprise zone as well as work opportunity tax credits. The enterprise zone tax credits can range all the way up to $13,000 per qualified employee annually, and you may be able to apply the credit to next year's debt or to apply it to previous years' balances under certain circumstances.
Other designated employee groups may also qualify your California-based corporation for these and other tax credits. Those workers who have recently been laid off, certain summer youth hires and qualified disconnected youth between sixteen and twenty-five years of age who have not earned a GED or high school diploma within six months of your company hiring them, qualified ex-felons, eighteen to forty-year olds in certain communities as well as Pacific Islanders and Native Americans, among others would meet the criteria.
When you consider that your company can receive both federal and state tax credits, several of which can be applied annually, you see that your corporation's tax debt can be greatly reduced. Please contact a local California CPA for more information about wotc California or any of the other credits.
WOTC California, also known as work opportunity tax credits, is a type of hiring tax credit that can help your company save at tax time. This is a federal tax credit that can offer from $2,400 to $9,000 per employee that qualifies.
Another hiring tax credit similar to WOTC in terms of how employees qualify is the enterprise zone hiring tax credit. This is a state-based hiring tax credit that will allow you to take credit for certain employees that are in designated groups, and this includes your ability to claim tax credits for hiring veterans. The veterans must be disabled, and unemployed veterans who have been discharged from the armed services in the last five years and have seen at least one hundred and eighty days of active duty, have been discharged or released due to a service-related disability, as well as veterans who recently quality for food stamps would all be eligible for enterprise zone as well as work opportunity tax credits. The enterprise zone tax credits can range all the way up to $13,000 per qualified employee annually, and you may be able to apply the credit to next year's debt or to apply it to previous years' balances under certain circumstances.
Other designated employee groups may also qualify your California-based corporation for these and other tax credits. Those workers who have recently been laid off, certain summer youth hires and qualified disconnected youth between sixteen and twenty-five years of age who have not earned a GED or high school diploma within six months of your company hiring them, qualified ex-felons, eighteen to forty-year olds in certain communities as well as Pacific Islanders and Native Americans, among others would meet the criteria.
When you consider that your company can receive both federal and state tax credits, several of which can be applied annually, you see that your corporation's tax debt can be greatly reduced. Please contact a local California CPA for more information about wotc California or any of the other credits.