Being successful in business today means taking advantage of every resource available to positively affect your bottom line. Tax Credits and Tax Incentives are among those resources available to help businesses. Often, businesses think dealing with the paperwork related to Tax Incentives and Credits will be too difficult or time consuming. Let us show you how simple this process works.
Work Opportunity Tax Credit
The Work Opportunity Tax Credit is a federal tax credit used to reduce the federal tax liability of private-for-profit employers. Employers can hire from nine different targeted groups that can provide a credit of up to $2,400 (could be up to $9,000 according to WOTC Info Packet) per employee.
Temporary Assistance for Needy Families (TANF) State Tax Refund
The Temporary Assistance for Needy Families (TANF) State Tax Refund is not a tax credit, but an actual tax refund. Employers who employ former TANF or Medicaid recipients may qualify for a tax refund of up to $2,000 per employee.
For more information about Tax Credits and Incentives, e-mail Terrence Steele, or call (903) 957-7408.