A good way to save on fed taxes is hire from targeted groups of job seekers. Welfare recipients, Veterans, ex-felons, 18-24 year old food stamp recipients, and few other targeted groups.
These tax credit program can save you 25% the first year for new employees who work less than 120 hr per year and 40% for employees who work 400 hours or more per year, the qualified wages are capped at $6000. the maimum credit is $2400 per worker from the targeted group...I just recently hire a veteran and plan to hire another one soon. You have to file IRS form 8850 within 28 days of the new employees start date.
The welfare to work tax credit is even better, employers can claim for an individual who works at least 400 hour in a year 35% the first year and 50% the second year, capped at $8500 per hire.
I know I need all the deductions I can get. This is worth checking out, you may shell out a few bucks hiring new people, but the credits gave you a chance to grow as well. As to comp, other insurance these are all deductions.
These tax credit program can save you 25% the first year for new employees who work less than 120 hr per year and 40% for employees who work 400 hours or more per year, the qualified wages are capped at $6000. the maimum credit is $2400 per worker from the targeted group...I just recently hire a veteran and plan to hire another one soon. You have to file IRS form 8850 within 28 days of the new employees start date.
The welfare to work tax credit is even better, employers can claim for an individual who works at least 400 hour in a year 35% the first year and 50% the second year, capped at $8500 per hire.
I know I need all the deductions I can get. This is worth checking out, you may shell out a few bucks hiring new people, but the credits gave you a chance to grow as well. As to comp, other insurance these are all deductions.