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You Already Hire Qualified Candidates
Hiring incentives or tax credits have been in place since the mid-70’s. They were created by the government to motivate employers to hire job seekers that have difficulty obtaining employment. Tax credits range in value from $1,200 to $9,600 per qualified hire.
How Do I Benefit?
Tax credits offset tax liability. Some companies use credits in their tax planning to offset quarterly estimated payments. Some companies use credits at the end of their tax year against annual tax liability. In the event of no tax liability, tax credits can be carried forward for up to twenty years. Consult with your tax professional for how to best use these incentives.
What’s The Process?
The life of a tax credit can be a year or more. The process begins with screening your new hires and ends with delivery of a certified and calculated tax credit. We manage this process for you and provide superior, real-time support.
Our goal is to get you as many credits in as little time as possible. However, the length of time for a certification varies by state. Some states are quick; some are very behind and slow. For example, Tennessee has a 24 hour turnaround rate on their online system, but other states can take up to a few months or years.
Short answer: no. The government wants you to ask these questions. That’s why the programs were created in the first place! The government wants you to prioritize hiring individuals that qualify for a tax credit.
Here is a link to the Department of Labor webpage on the Work Opportunity Tax Credit: https://www.doleta.gov/business/incentives/opptax/.
Our clients use their credits in one of the two following ways:
- They take the credit in the year that their employee earned their wages. If the tax return is not still open, this may result in an amended filing.
- They take the credit in the year that the credit is certified
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First, you should hire as many tax credit eligible employees as possible: veterans typically qualify for the most amount of money.
Second, make sure that your employee continues to work for you. In the case of a $9,000 two-year credit, you have the opportunity to get $4,000 the first year and $5,000 the second year. Further, the percentage at which the credit pays increases as the number of hours increase (25% vs. 40%). So, make sure your employees work enough hours to maximize your credit! This should inform your scheduling.