Just what the heck is W.O.T.C. and can I use it in my US business?

WOTC allows employers to claim a credit against their federal income tax liabilities for qualified employees. 

WOTC can also be used to offset AMT (Alternative Minimum Tax). Employers generally can earn a tax credit equal to 25% or 40% of a new employee’s first-year wages, up to the maximum for the target group to which the employee belongs. 

The average benefit per employee is $2,400.00 and can be as much as $9600.00.

That means potentially 10 qualified employees could yield a federal income tax credit between $24K – $96K. 

Additionally, WOTC credits may be carried back one year and carried forward 20 years.

Simply put, the WOTC reduces an employer’s cost of doing business and turns Human Resources into a profit center.  

www.yourwotc.com

Need a commercial loan? Then know this......

...lenders need a real Executive Summary with numbers and Personal Financial Statements.

This might help:

https://www.smartsheet.com/executive-summary-templates 

Larry G. Potter
Larry@YourWotc.com


PS: US Commercial Property Owners/Managers Wanted

The Truth About R&D

There are a growing number of US businesses that now qualify for research and development tax credits, but not many are taking advantage of it.

What makes your business eligible for these deductions? Any firm with QRE or Qualified Research Expenditures.

Below is a list of some tasks that can be performed within an organization that would qualify for the R&D Tax Credit:

Manufacturing
Fabrication
Engineering
Software Development or Improvement
New Product & Process Development
Developing New Concepts or Technologies
Design - Layout, Schematics, AutoCAD
Prototyping or Modeling
Testing / Quality Assurance: 
ISA 900X, UL, Sigma Six, etc.
Integration of new machinery
(CNC, SLA, SLE, etc) into existing process
Automating /Streamlining Internal Processes
Developing Tools, Molds, Dies
Developing or Applying for Patents

Many business owners (even smaller firms) are not aware that restrictions to qualifying for R&D are decreasing year after year. Technology has become part of every business (just the other day I discovered a small local feed store is changing ownership and the new owner will be buying new computers, creating inventory programs and selling online).

Does your business use the internet, computers or tablets? If so, then you probably qualify for a R&D tax credit!

Find out now at:  www.BusinessRefundEstimate.com

What is W.O.T.C. and how can it help your business prosper?

WOTC is a financial incentive to employ people from target groups.  The tax credit also gives you an opportunity to reduce the unemployment rate while diversifying your business.

The Work Opportunity Tax Credit is tax credit available from the federal government. You might be able to receive the tax credit when you hire an employee from a “target group.”

Target groups are certain groups of people who face barriers when seeking employment. There are currently nine target groups:

*Veterans
*TANF Recipients
*SNAP Recipients
*Designated Community Residents living in Empowerment Zones or Renewal Communities
*Vocational Rehabilitation Referrals
*Ex-felons
*Supplemental Security Income (SSI) Recipients
*Summer Youth Employees living in Empowerment Zones
*Qualified Long-Term Unemployment Recipients

To see what your potential tax credits could be, visit  www.YourWotc.com