Tax Benefits Overview
Business tax credit programs.
What You Need to Know About Government Tax Incentives
Federal tax credits are available to employers who hire individuals from various target groups. You can earn up to $9,600 per employee under the Work Opportunity Tax Credit (WOTC) guidelines. The tax credit consultants at MJA & Associates provide tax credit support for staffing agencies and several other industries to make it simpler to identify and claim tax credits, ensuring nothing is missed.
Here Are Other Facts You Should Know About Government Tax Incentives:
- Credits can be passed through to the owners' or partners' personal income taxes (depending on the organization's structure).
- Tax credits can be carried back one year and forward for up to 20 years.
- Most Fortune 1000 companies participate in various tax incentives.
- Federal tax credits may also "piggyback" many state tax incentives.
- No limit to the number of qualified employees.
- Tax incentives reduce business operating costs.
- Claiming tax incentives increases your bottom line.
- No changes to your existing hiring practices are required.
- You can capture tax credits for employees who are already on your payroll.