Claiming tax credits for your staffing firm is great in theory, but let’s face it – chances are that you don’t have the time or experience necessary to take advantage of all your opportunities.
Each year, billions of dollars in tax credits go unclaimed by companies that don’t know they are eligible or lack the experience to complete the necessary procedures. Don’t leave money on the table due to complex requirements. Advance Partners, along with parent company Paychex, works directly with HIREtechTM to simplify the process and help you claim the valuable tax credits your business deserves.
Common Tax Credits for Staffing Firms:
Hiring Tax Credits
Many individuals you are hiring may be part of a target group that earns your business tax credits, especially the federal Work Opportunity Tax Credit (WOTC). Hiring individuals from groups that face barriers to hire, such as food-stamp recipients, temporary assistance for needy family (TANF) recipients, and unemployed veterans, can make you eligible for WOTC and other federal and state tax credits.
Location-Based Tax Credits
The requirements for determining location-based credits are often too complicated and time consuming for businesses or their accountants to cost-effectively handle on their own. To be eligible, businesses must analyze and tabulate employee residence and wage data, and monitor the frequently changing laws governing the credits.
Talk to us today about how we can help you take advantage of tax credits.