Work Opportunity Tax Credit Questionnaire The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers for hiring and employing individuals from certain targeted groups who have historically faced significant barriers to employment. Work Opportunity Tax Credit certification and screening process A Work Opportunity Tax Credit questionnaire can be used to identify…
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The Empowerment Zone Employment Credit is a federal tax incentive designed to encourage businesses to operate in economically distressed or disadvantage areas and to hire residents of these areas. Under the Empowerment Zone Employment Credit, an employer may claim a 20% credit (up to $3,000) on up to the first $15,000 of wages paid to…
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Boost Your Business with Tax Credits: Unlock More Cash Flow and Higher Net Income As a business owner, you’re always looking for ways to maximize profitability and improve your bottom line. One often-overlooked strategy that can significantly boost your net income is leveraging tax credits. Tax credits provide direct savings, reducing the taxes your business…
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The Work Opportunity Tax Credit (WOTC) is a valuable federal tax credit program that incentivizes employers to hire individuals from specific target groups who face barriers to employment. By participating in the program, employers can not only make a positive impact on their communities but also benefit from significant tax savings. Target Groups The WOTC…
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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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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…
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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The Work Opportunity Tax Credit (WOTC) program scored a big victory this week. On 7/21/15, the Senate Finance Committee voted 23-3 to pass a two-year extension of this important program. This means that the bill is now ready for a full Senate vote. Although this is only the first step, the near-unanimous support for WOTC…
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With tax deadlines looming, we thought it best to revisit the specifics of WOTC for 2014 and what implications that has on your corporate taxes. A quick reminder that for 2014 you can file for WOTC tax credits by April 30, 2014. With this unique extension, states are backlogged and may require extra time to…
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By this time most everyone knows that The IRS recently announced Notice 2015-13, which will provide some much needed relief for employers seeking WOTC credits from 2014. As we’ve mentioned before, this is a nearly unprecedented move by the IRS. Since the inception of WOTC in 1996, this is only the second time such an extension…
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