By: Danielle Irvine, CPA, Manager
Job creation tax credits present real opportunities for savings, but your company must know what the credits are and how to claim them. These federal tax credits are available to companies as an incentive for hiring people from certain groups of the population such as disabled veterans and those receiving government assistance such as food stamps. Your accountant can help you review the eligible groups when you begin the process of reviewing the tax credits you could take advantage of.
As much as $10 billion dollars in job-creation credits go unclaimed each year. Many companies miss out because they don’t take the time to research these credits and fill out the proper paperwork in order to receive them. Again, this is where you will want to work hand-in-hand with your accountant. They will help you fill out all of the proper paperwork before and after your new hire joins your team, and will make sure that you don’t miss any important deadlines. There is also applicant screening involved in order to be eligible for these credits. Again, lean on your accountant to communicate the specifics and walk you through the process.
Federal hiring-related tax credits can range from $2,400-$9,000 per new hire. Don’t let another new hire become a part of your team without seeing what types of credits could be available to you. Please contact us today with any questions you may have. We would be happy to assist you in obtaining these tax credits.