Every company wants to get as many tax breaks as it can, right? There are well-known tax breaks, and then there are the not-so-well-known tax breaks. Brushing up on available tax breaks before visiting your CPA is important for your small business.
So let us help.
Well, let us and Career Path Services help.
First of all, you need to know that the U.S. Government has tax incentives for private sector businesses. Interested? Read on.
The Work Opportunity Tax Credit (WOTC) is an employer-friendly benefit for hiring job seekers most in need of employment. If your business hires from the following 12 groups, you could qualify for the WOTC, according to Cami Hanson, C.O.O. of Career Path Services.
- Disabled Veterans
- Unemployed Veterans
- Long-Term Family Assistance Recipients (Long-Term Temporary Assistance for Needy Families)
- Disconnected Youth (age 16-24)
- TANF Recipients
- Supplemental Security Income (SSI) Recipients
- Food Stamp Recipients
- Person with a Disability
- Designated Community Residents (DCR)
- Summer Youth (age 16-17)
- Vocational Rehabilitation Referrals
Get more information on the WOTC here.
The tax credit can be as much as $2,400 for each new adult hire, $1,200 for each summer youth hire, $4,800 for each new disabled veteran hire and $9,000 for each new long-term TANF recipient hired over a two-year period. What small business doesn’t like seeing these numbers?
Career Path Services loves to see organizations succeed. That’s why it works so hard to help employers realize available tax breaks.
“We are interested in helping employers take advantage of all the resources available and offer no cost solutions,” Hanson said. “In Spokane County this year we have assisted employers file for tax credits totaling over $100,000.”
The hiring decisions are all done by the employers. You make the choice. If you need help finding employees that fit the 12 groups, there are organizations to help you, like The Arc of Spokane, Skils’kin, Washington Initiative for Supported Employment (W.I.S.E.) and WorkSource Spokane, to name a few.
Tax breaks are two golden words for businesses. Were you aware of these tax breaks, and if so, have you taken advantage?