In my blog a couple of days ago I promised a listing of potential federal tax credits that you might be able to take advantage of, so here you go:
- W2W/WOTC-LTFA: up to $5,000
- WOTC-Veteran: up to $4,800
- Empowerment Zone: up to $3,000
- WOTC (except SY/SH & Veteran): up to $2,400
- Retention-Katrina, Wilma, Rita: up to $2,400
- Katrina WOTC: up to $2,400
- Retention-Heartland Disaster Area: up to $2,400
- Renewal Community: up to $1,500
- NAI: up to $4,000
- WOTC-SY/SH: up to $1,200
- FICA Tip Tax Credit: no limite
And these are just the Federal credits – every state in the union has their own set of tax credits. Also keep in mind these are PER EMPLOYEE maximums.
It’s hard to imagine how any company could keep on top of claiming all their potential tax credits, but in truth in can be done with automation (a good transactional onboarding system) and a good tax credit partner who specializes (not just specializes, but eats-sleeps-drinks tax credits) in processing and claiming credits.
And if you haven’t automated your onboarding and tax credit processing yet, you should: some of the most lucrative tax credits are going to be awarded as our veterans return home from Iraq over the next 18 months to 2 years.