Tax Credits for Businesses
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Many federal and state employment tax credits are available to businesses, yet millions of dollars go unclaimed every year. Why? Although tax credits can be lucrative for a business, identifying and recouping them is a complex process. Don't let the complexity of tax credit programs hinder you from pursuing them. They are a low-hanging fruit that can help increase your bottom line.
The best way for you to pursue tax credits is to partner with an experienced firm with a proven track record for claiming millions of dollars in tax credits for businesses in a wide variety of industries. In one year alone, HKP generated over $12 million in tax credits for clients. HKP has vast experience with businesses, and we look forward to bringing more dollars to your company's bottom line. With enhancements to thee-file process, combined with HKP's on line forms and mobile capabilities, the submission is more streamlined than ever before.
HKP has an established tax credit department with dedicated full-time staff to research, apply and recoup your tax credits. Our experienced, accessible team will provide all the help you'll need, whether it's quickly answering a question, untangling fl government speak, fl or simply talking to you about our tax credit program . To ensure we are taking advantage of all the possible incentives for businesses on both federal and state levels, our in-house tax department provides continual, thorough tax credit research.
Here is a snapshot of current employment tax credits HKP aggressively pursues for clients:
Work Opportunity Tax Credit (WOTC) Program: Up to $9,600 per employee You may qualify if you have employees who fit into these categories:
- Short-term Temporary Assistance for Needy Families (TANF)
- Disabled or unemployed veteran
- Vocational rehabilitation referral
- Summer youth
- Supplemental Security Income (SSI) recipient
- Food stamp recipient
- Designated community resident
- Long-term unemployed
- Long-term Temporary Assistance for Needy Families (TANF) - up to a $9,000 credit
The VOW to Hire Heroes Act enhances existing credits and creates new incentives for businesses hiring certain qualifying veterans. The Act creates the Returning Heroes Tax Credit and the Wounded Warrior Tax Credit - both WOTC. Each qualified new hire may be worth up to $2,400 or in some cases up to $9,600 in federal tax credits.
HKP pursues tax credits for businesses in all 50 states. Each state varies, but the following are some examples of commonly pursued credits:
- Hiring credits and refunds
- Hiring disadvantaged workers
- Job creation credits
- Veteran credits
Organizations with over 100 employees and high turnover of hourly employees tend to receive the biggest benefit from the federal and state employment tax credits. Sample industries include but are not limited to:
- Health care
- Call center
- Convenience store
- Restaurant and food chain
About the Paypro HCS relationship with HKP
Paypro HCS has entered into a tax credit partnering agreement with HKP to provide a service to our clients for maximizing allowable federal and state employment tax credits. HKP has developed proprietary software and processes for clients to capture allowable federal and state employment tax credits. HKP is affiliated with Honkamp Krueger & Co., P.C. (HK), a Top 100 CPA and business consulting firm in the U.S. and the largest Iowa-based CPA firm Accounting Today, 2018).
The Power of
Here is an example:
A company has 500 employees and experiences 100 percent turnover.
Of the 500 employees, 15 percent (or 75 employees) qualify for tax credits.
The tax credit is worth conservatively $1,000 per employee.
75 employees x $1,000 =
$75,000 in annual tax credits!
Inquire today to see if your organization qualifies for employment tax credits.
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