1914 Exeter Road, Suite 2
Germantown, Tennessee 38138
(901) 758-0730 office (901) 755-6918 fax
Germantown, Tennessee 38138
(901) 758-0730 office (901) 755-6918 fax
Tax Credit Information
US Tax Works assists its clients in the collection of various local, state and federal tax credits. Different cities and states offer a wide range of credits, which we identify for our clients and help them implement and administer according to their specific situation. However, we screen all our clients to determine eligibility for both the federal Renewal Community and Empowerment Zone (RC/EZ) and the Gulf Opportunity (GO) Zone tax credit programs, and all businesses are eligible to capitalize upon the government's Work Opportunity Tax Credit (WOTC) program.
The RC/EZ program provides tax incentives for businesses that are physically located in and do at least 80% of their day-to-day business within one of forty or more federally designated RC/EZ locations. Businesses located in areas affected by Hurricane Katrina are eligible for the Gulf Opportunity (GO) Zone credits which could net up to $2400 per qualified employee.
US Tax Works assists its clients in the collection of various local, state and federal tax credits. Different cities and states offer a wide range of credits, which we identify for our clients and help them implement and administer according to their specific situation. However, we screen all our clients to determine eligibility for both the federal Renewal Community and Empowerment Zone (RC/EZ) and the Gulf Opportunity (GO) Zone tax credit programs, and all businesses are eligible to capitalize upon the government's Work Opportunity Tax Credit (WOTC) program.
The RC/EZ program provides tax incentives for businesses that are physically located in and do at least 80% of their day-to-day business within one of forty or more federally designated RC/EZ locations. Businesses located in areas affected by Hurricane Katrina are eligible for the Gulf Opportunity (GO) Zone credits which could net up to $2400 per qualified employee.
US Tax Works, LLC 1914 Exeter Road, Suite 2 Germantown, Tennessee 38138 (901) 758-0730
TAX CREDITS ADD
TO YOUR BOTTOM LINE
TO YOUR BOTTOM LINE
TAX CREDITS ADD
TO YOUR BOTTOM LINE
TO YOUR BOTTOM LINE
| · | Businesses located in a Renewal Community are eligible to receive tax benefits of up to 15% of a qualified employee's annual wages, up to the first $10,000. |
| · | Businesses located in an Empowerment Zone are eligible to receive tax credits of up to 20% of a qualified employee's first $15,000 in annual wages. |
| · | Many major cities and some rural areas have designated Renewal Community zones or Empowerment Zones. |
| · | In some cases, qualified businesses can go back and collect past credits for the past three years. |
Every business, regardless of location, size or industry can take advantage of the Work Opportunity Tax Credit (WOTC) program. WOTC credits are designed to reward businesses that hire individuals from certain designated groups. These include short and long-term Welfare recipients, returning veterans or 18-39 year-olds on food stamps, ex-felons hired within one year of conviction or release, Vocational Rehabilitation or Ticket to Work employment network referrals and Supplemental Security Income (SSI). Also included are individuals aged 18-39 or summer youth aged 16-17 who live in designated areas (Renewal Community Zones, Empowerment Zones and Rural Renewal Counties). Businesses can obtain tax credits for up to as much as 40% of the salary of these individuals (up to the first $6000 in wages). In the case of qualified long term TANF recipients, businesses can claim up to $9000 over the course of two years if the qualified individual remains in their employ for two full consecutive years.
In the case of Work Opportunity Tax Credits, paperwork is administered to new employees. All the business has to do is take an extra five minutes to have the new employee fill out a federal form 8850 at their initial interview or on their date of hire, and then send that completed form on to US Tax Works for processing. We take care of all the rest including screening, processing, submitting additional paperwork to the state agencies and obtaining and retaining the necessary certifications. These laws are currently valid through August, 2011.
In the case of Work Opportunity Tax Credits, paperwork is administered to new employees. All the business has to do is take an extra five minutes to have the new employee fill out a federal form 8850 at their initial interview or on their date of hire, and then send that completed form on to US Tax Works for processing. We take care of all the rest including screening, processing, submitting additional paperwork to the state agencies and obtaining and retaining the necessary certifications. These laws are currently valid through August, 2011.