Tax Credits Save You Money

How to save money while hiring with CMS's employment tax credit services. Booth #924

A perfect fit for staffing agencies, in these challenging times there is a way to save money while hiring and growing your business, with Work Opportunity Tax Credits. "WOTC" is a federal program designed to promote the hiring of individuals who qualify as a member of a target group with barriers to employment. Employers participating in the program can receive a Federal Tax Credit (typically $2,400.00) for each qualified new employee, which can be used to reduce your companies federal income tax liability.

Who can take advantage of these tax credits?

For profit companies in the United States i.e. C, S and LLC’s can all apply these tax credits to their Federal Tax Liability. Because Non-Profits and Municipalities don’t pay taxes they would not qualify. In addition, some states have also started similar programs to provide incentives to employers hiring.

Are you taking advantage?

CMS finds most companies are not aware of this federal tax credit, or if they are familiar with the program, they don’t have the resources or don’t want to ask the sensitive questions needed to acquire the tax credits. That’s exactly the reason many companies outsource this function to CMS. CMS performs the screening process of each new hire and thus protects the employer from any sensitive situations and shields them from a liability standpoint.

To learn more please visit CMS's Employment Tax Credit expert Harvey Patyon at Booth #924 or call 860.399.4215 to make an appointment.