The Targeted Jobs Tax Credit Tjtc Program Can Mean A Substantial Tax Savings For You

Author : Matt Given
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Download or read book Aim to Take Advantage of Various Targeted Tax Credits written by Matt Given and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Various location-based and employee-specific tax credits operate beneath the radar of many tax accounting schemes. By failing to detect and act on these credits, businesses are passing up what can amount to significant tax savings. In fact, this family of federal and state tax credits can save employers thousands of dollars per qualified employees, thus having a substantial effect on a business's bottom line. According to the General Accounting Office, only 1 in 800 businesses claim a credit they are due. In the small and medium sized business market (i.e., revenues exceeding $50 million), $4.2 billion in federal and state level tax credits go unclaimed. Location-based and employee-specific state and federal tax credits have been around for a long time. The government created the credits as an incentive to businesses to either hire certain types of people or to establish their businesses in certain geographical areas. Yet less than 1% of businesses in an enterprise zone claim a credit. Why has there been so little participation? The inescapable truth is that the regulations and claim process for enterprise zone tax credits are cumbersome and confusing. Business owners do not know if they qualify or how to claim a credit. There are a lot of tax credits to seek out - over 925 federal, state and local taxes are waiting to be found. Typical businesses that qualify for location-based and employee-specific state and federal tax credits include restaurants, hotels and motels, healthcare providers, independent retailers and chains, light manufacturers and distribution companies, and professional employers organizations - companies with a high percentage of minimum wage to $12 per hour employees. Approximately one in five of new hires in this pay range are eligible for one to the employee-specific state and federal tax credit programs. The solution is a systematic approach to tax credit discovery AND recovery that guarantees you only pay for when you receive the credits - an automated service for accountants, tax attorneys and professionals to implement with their clients. Automated tax credit recovery services directly benefit tax professionals and businesses. Credits can be used quarterly, carried forward up to 20 years or even carried back one year, and are a dollar for dollar reduction in a businesses taxes. Tax credit professionals can offer a no-risk, no-cost service with no additional time or effort, and allow businesses to earn additional income with a value-added, year-round service.