With the HIRE Act Expired, Now What?
When President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act last March, it was meant as a spark to ignite hiring – not a permanent tax break for trigger happy employers.
The $17.5-billion HIRE Act, which exempted employers from paying Social Security tax for qualifying workers, fizzled alongside New Year’s sparklers.
And now you might be wondering: If I’m not already taking advantage of kickbacks from Uncle Sam, then why bother now that the HIRE Act is six feet under?
Here are three reasons: hiring credits, enterprise zone tax breaks and green credits. While the HIRE Act received a lot of headline ink and contributed to hiring growth – especially for small- and medium-size businesses – these programs anchor companies’ government-fueled revenue streams.
Let’s take a peek at the available tax breaks:
Hiring Credits: If you’re not currently harvesting Work Opportunity Tax Credits (WOTC), you’re missing a huge potential revenue stream. By hiring those from specified disadvantaged classes, veterans and others – and retaining them for minimum amount of time – you can actually monetize your hiring.
Enterprise Zone: In an effort to help blighted or “up and coming” areas realize their full economic potential, states can brand them with an “Enterprise Zone” designation. Be a good neighbor by setting up shop, renovating and hiring in these sectors and bank on a forthcoming cash infusion.
Green Credits: Whether you plug in your car each night or simply recycle seven Diet Coke cans a day, odds are you’re doing something to make Mother Earth smile. Now think bigger and incorporate your business. Everything from installing energy-efficient equipment to converting the rooftop helipad into an organic garden can qualify you for tax relief these days. More times than not, green investments will also save you utility and maintenance costs, too.
This list doesn’t end here. New job creation and targeted training programs will also qualify you for tax credits.
Of course, it’s one thing to desire tax credits and another thing to put yourself in a position to qualify. SnagAJob.com has partnered with Tax Credit Co. to provide an automated and integrated solution for identifying and cashing in on tax credits.
If you’re leaving money on the table, it’s not too late or too hard to start qualifying for tax credits and breaks today. Give us a call at 1-866-810-7655 or email [email protected]