Tax time is here, and Long Beach, California-based corporations are looking for ways to save on this year's tax bill. One way that your business may pay a reduced tax bill is by taking advantage of hiring tax credits for veterans who are your employees. These types of hiring tax credits, which are available as federal hiring credits as well as state enterprise zone credits, may not only benefit your corporation this tax season, but with amended forms for recent years' tax returns, your company may also be eligible to receive these hiring tax credits for veterans for past years' employment and apply them to this year's taxes or carry them over to be applied to next year's taxes if you have more than you need to cover this year's bill. The best source of information about hiring tax credits for veterans is a knowledgeable CPA. Long Beach, CA companies can learn more about these and other enterprise zone credits for which your corporation may be eligible this year.
Veterans who are eligible for food stamps and other qualifying veterans that are employed by your corporation may make your company eligible for hiring tax credits for veterans. There are federal hiring credits known as WOTC, or Work Opportunity Tax Credits, which give an incentive to companies that hire individuals from designated groups. These include not only the aforementioned veterans, but also workers who have been recently laid off or threatened with lay-off, youth in select communities, people who are recently eligible for or receive benefits like food stamps, SSI or temporary assistance for needy families, Native Americans and Pacific Islanders, qualifying ex-felons and qualifying disconnected youth and others. Federal hiring tax credits for veterans and others from these groups may result in your corporation earning anywhere from $2,400 to $4,800 per qualifying employee in credits. Your employees may also qualify your business for state hiring tax credits that can add up to an additional $13,000 annually per eligible employee. It also helps if your corporation is located in a California enterprise zone, one of forty-two areas statewide that face economic challenges and thus the state government offers tax incentives to businesses who locate there and hire employees from these areas.
For further clarification and information regarding both federal and state hiring tax credits, you can contact an experienced CPA. Long Beach, CA companies can benefit even this tax season from procuring these and other corporate tax credits that can include green tax credits, energy tax credits and vehicle tax credits. These credits can be a part of your overall corporate tax planning as provided by your Long Beach CPA.
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