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7 Tax Strategies: Employee Credits! (Work Opportunity Tax Credits)
Hiring an employee like a driver, construction foreman or other admin person can certainly be an expensive venture to pursue.
Well, it turns out that you could get a tax credit for hiring people from a certain target group who have consistently faced significant barriers to employment.
How to take advantage of work opportunity tax credits?
You need to survey an employee when you hire the employee (Prescreen), then you must file Form 8850 timely.
The last step is for you to take the credit on your income taxes (this does not offset payroll taxes).
Who qualifies for Work Opportunity Tax Credits?
The individuals qualified for the WOTC are as follows:
- Families on Food Stamps
- Families with LT or ST Temp Assistance (with dependents)
- Qualified Veterans
- Qualified Ex-Felons
- Individuals Completing Vocational Rehab programs
- Empowerment Zone Youths
- Limited Unemployment Recipients
Do you need help to determine if your employees qualify for the WOTC? I can provide you with a free business assessment:
Maximize your tax savings this YEAR
Many businesses in Texas have already taken advantage of our Tax Planning Strategy and are saving thousands of dollars in Tax Payments.