subject: Business Tax Credits & Incentives in Down Economy [print this page] In today's struggling economy the federal, state and local governments are giving tax credits and incentives to employers through the Federal HIRE Act program. Employers can take advantage of a Social Security Tax Exemption and a general Business Tax Credit. These programs include the Work Opportunity Tax Credit WOTC, Research and Development Incentives, Federal Enterprise Zone Credits and many more.
Credits as high as $9,000 for up to 20% of employees go unclaimed. Small and large companies can take advantage of this through tax credits and incentives consulting. Consulting companies can help any business find out if they are missing out on large sums of tax credit and incentives. This can make the difference of survival for a company struggling in the down economy.
Congress provides the WOTC to private-sector businesses to help them hire people from twelve target groups who have had difficulty being employed. Earning a steady income will help these people shift from economic dependency to self-sufficiency and become contributing taxpayers. Their employers get the advantage of having their federal income tax liability reduced. This is a good incentive to diversify the workplace.
The Federal Empowerment Zone Credits (FEZ) Wage Tax Credit Program is for businesses that hire people located in select areas or community zones that are considered by the federal government to be disadvantaged. The credits can be up to $3000 per qualifying employee per year. The work site must be in the qualifying zone.
If a company commits to quantifiable strategies for process and product improvement that impacts cost-effectiveness and which broadens the employee groups engaged in the research, they could receive beneficial tax liability deductions through Research and Development Credits.
Finding out about and securing these tax incentives is a very complicated process and most businesses don't have a knowledgeable employee who can devote the time and effort it will take to get the benefit. A consulting company that is focused on all the tax incentive possibilities and has professionals who can match them to each businesses specific objective can achieve tax incentives in a short time for a lot less expense.
Past-employ.com is one such company. They will review and analyze a company's goals and find the tax incentives that are consistent with them. They will prepare all the documentation necessary to secure the deductions. Once the deductions are secured, they review the results and make sure the company's expectations have been met. At http://www.past-employ.com/Tax-Credits-and-Incentives.aspx the Business Tax Credits and Incentives Program is clearly presented. It is a contingency-based program so there is no financial risk for the client. Based on the provided employment data, they will find all the options open including the regulations and submit the agency forms, calculate the credits that are received, track the status of the application, apply the appropriate tax filing and maintain records.
Business Tax Credits & Incentives in Down Economy
By: Pre-employ.com, Inc.
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