The Research and Development (R&D) Tax Credit is a valuable tax incentive program that rewards businesses for investing in innovation. The credit is designed to encourage businesses to conduct research and development activities that will lead to new or improved products, processes, or software. Here are some key things business owners should know about the…
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The Work Opportunity Tax Credit (WOTC) is a valuable incentive program to potentially reduce your tax liability while making a positive impact in your community. As a small business owner, you have the opportunity to uncover the immense benefits and potential that tax credits can have on your business. In this article, we’ll break down…
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Business owners understand the importance of efficient tax credit processing for their businesses. Not only does it help to save time and resources, but it also reduces the risk of errors that can lead to costly consequences. Here are some steps that a business can take to streamline their tax credit processing and minimize the…
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More and more, Americans are spending their time on the internet and small businesses are finding that if they want to connect with the customers, they have to be on the internet as well. A 2019 study by the website Big Commerce found that not only are Americans turning to the internet for information, they’re…
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The Federal Government recently announced their renewal of the Work Opportunity Tax Credit Program. (WOTC) for 2015 through 2019 and that is really great news! The WOTC program experienced some challenges in 2015 stemming from the late December renewal. Although the renewal was retroactive, it created a hardship for employers seeking to take advantage of…
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Progressive companies seem to have cracked the code of hiring teenage help and leveraging those employees as strategic assets. More specifically 16-17 year olds for seasonal help. It’s true that there is a certain unflattering stigma associated with teenage employees, but it doesn’t mean that you should overlook this segment of the workforce. In fact,…
Read article It’s official! The Work Opportunity Tax Credit (WOTC) program has been renewed for five years (2015 – 2019). Last week, Congress voted to extend the WOTC program as part of the Tax Extenders legislation, and received the President’s official signature of approval on December 19th. This renewal is especially exciting as it is the first time…
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Corporations located in Kentucky may not be aware that they have state tax credits available to them in addition to the federal credits offered from WOTC. Hiring an unemployed resident could qualify you for as much as $100 for each eligible individual. Businesses can qualify if their new hires are certified by the Office of…
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As most of you are probably already aware, the WOTC program was in hiatus from January until mid-December 2014. Therefore, the WOTC certifications are backlogged and many states are anticipating delays past April 15th. Some areas could see backlogs as late as August. Given the circumstances, most of you will have a couple options to…
Read articleAs you may be aware, there are several tax programs awaiting congressional renewal. It isn’t uncommon for tax credit programs to lapse, particularly the Work Opportunity Tax Credit. However, currently, the IRS and lobbyists are urging lawmakers to vote on tax bills by the end of November to expedite the process. In the meantime, we…
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