[Video] Overlooked Credits To Help Businesses During Tax Season
Businesses are looking to take advantage of any opportunity they can as the strength of the economy remains uncertain.
In this Workforce News Minute, ADP vice president of compliance and government affairs, Pete Isberg, shares a hiring strategy to help businesses save money.
Above, Isberg encourages employers to consult with tax experts to identify applicable tax credits.
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Employers, generally speaking, don't understand the tax incentives that are available to them. And really, it could help dramatically; there are significant amounts of incentives, potentially. The Work Opportunity Tax Credit is a good example.
Employers are trying to hire people anyway; if they can hire them from targeted classes, ex-felons, for example, they may qualify for very significant tax credits. The thing to do is be sure you're working with tax experts or other consultants, like payroll companies, that can help you navigate and understand what tax incentives are.
States offer many programs that are similar in context. You can get tax credits for hiring people from certain areas, for example.