Identifying government programs and federal tax incentives are a simple way to boost profitability but many agencies have not yet implemented a review to assess their eligibility. We will collaborate with you to analyze your business and identify all programs you may be qualified to participate in.
There are a number of specific hiring practices that may allow you to capture these tax credits:
- Hiring from Certain Groups ( Examples : Veterans, Public Assistance Recipients )
- Economic Development Incentives from Creation of New Jobs
- Employee Training and Upskilling
Work Opportunity Tax Credit:
WOTC is a federal tax incentive program that lowers income tax liability for hiring certain categories of employees. The federal government will grant tax credits against an employer’s tax liability of between $1,200 to $9600 per each qualified hire. At the state level there are also additional “piggyback credits” allowing you to capture both the federal and state credits for the same hire. Your agency may already be hiring employees that are qualified, but you are not aware of it.
Research and Development Tax Credit:
Industries outside of high-tech can also qualify for this lucrative incentive. R & D credits are available within all industries that apply new technical approaches to resolve operational challenges.
Geographic Tax Incentives:
Business Opportunity Zone programs can provide businesses with incentives for locating new business expansion inside of identified local areas in need of economic revitalization.
Cost Segregation Credits:
This tax strategy is based on accelerating the rate of depreciation for specific real estate assets, and allows your business to realize expedited tax income savings.