According to the Small Business Administration’s latest survey, there were approximately 30.2 million small businesses in the U.S. in 2018 with a total of 58.9 million employees. That means a majority of those small businesses were run by just one person, maybe two at the most. Small business owners are stranded in a weird limbo…
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When it comes to running a business, especially one that relies on transportation, it’s important that you take every advantage you can. It can be financially painful to purchase a new work vehicle every five to ten years and even more painful if you need to purchase more than one vehicle. Luckily, the IRS gives…
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It’s springtime and for many people, that means spring cleaning. However, spring cleaning should not just be for your home, you should also think about extending it to your business. It’s tough to admit that the inventory that’s been gathering dust on your shelf is never going to sell, or the old business equipment that…
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For non-tax people, it can be easy to consider a tax credit and a tax write-off to be one and the same. After all, both of them offer benefits on your taxes, ideally in the form of you paying less. In other words, they’re both good. But to a tax professional, they are actually different…
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The Work Opportunity Tax Credit (WOTC) is awarded to employers for hiring from ten target groups. Some of the most commonly certified (WOTC) groups are recipients of federal public aid, such as food stamps, family assistance (TANF) or social security. Chances are you’ve hired someone in this category without ever knowing it. Over 19 million…
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Do you know a military veteran in search of a job? When you recruit from this group, you bring jobs to the the men and women who have protected our country. Not only can your hiring practices benefit military veterans in need of work. You could also qualify for the federal Work Opportunity Tax Credit…
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Do you operate in an area affected by last year’s hurricanes? Do you hire persons in impacted areas? If so, your business may have extra time to submit Work Opportunity Tax Credit (WOTC) applications. Under typical circumstances, WOTC program participants have 28 days from new hires’ start dates to apply for the Work Opportunity Tax…
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In the last three months, US residents were devastated and are now faced with recovering from the impact of Hurricanes Harvey, Irma, and Maria, with Harvey being one of the most powerful in recent history. As we all know after such devastation, it is vital to a community to get back to operational as…
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Recently, we wrote an article, outlining the nine Work Opportunity Tax Credit (WOTC) target groups. Here we’ll be focusing on one of the higher volume target groups, SNAP or what was formerly known as food stamp beneficiaries. SNAP participants can qualify your company for as much as $2400 per eligible hire. The requirements to qualify are twofold: Candidates…
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Recently we’ve heard from a quite a few people that said they don’t participate in the Work Opportunity Tax Credit Program (WOTC) because they “don’t hire people that would qualify.” More often than not, after a brief discussion, we were able to discover that they did hire qualified employees. We’re not sure where the misunderstandings…
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