{"id":17590,"date":"2024-12-28T21:15:32","date_gmt":"2024-12-28T21:15:32","guid":{"rendered":"https:\/\/heyerinc.com\/2024\/12\/28\/is-the-work-opportunity-tax-credit-right-for-your-southeastern-fl-business\/"},"modified":"2024-12-28T21:15:32","modified_gmt":"2024-12-28T21:15:32","slug":"is-the-work-opportunity-tax-credit-right-for-your-southeastern-fl-business","status":"publish","type":"post","link":"https:\/\/www.heyerinc.com\/blog\/2024\/12\/28\/is-the-work-opportunity-tax-credit-right-for-your-southeastern-fl-business\/","title":{"rendered":"Is the Work Opportunity Tax Credit Right For Your Southeastern FL Business?"},"content":{"rendered":"
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Raise your hand if you feel like you\u2019re living through a sales tax nightmare as we\u2019re in the post-Black Friday and pre-Christmas window of chaos. (While I can\u2019t see your raised hand, I can certainly feel it.) <\/p>\n

Which only makes sense: You have to pay attention to a lot<\/i> of details, all while handling an atypical volume of sales. Stress and mistakes are inevitable. And If that\u2019s where you\u2019re at, my and I are here to offer relief\u2026 calendly.com\/ralfheyer\/30-minute-meeting<\/a><\/strong><\/span><\/p>\n

Or, if you prefer more of a hands-on approach, you might look into the IRS\u2019s <\/span>Business Tax Account<\/span><\/a> (BTA). It\u2019s a handy digital service meant to help you keep your tax obligations met \u2013 you can look at your balances due, your payment history, make electronic payments, and a lot more. <\/span><\/p>\n

In the IRS\u2019s opinion, the BTA is the way to go for every business owner. But if you\u2019ve read many (or even a few) of my writings, you already know \u2013 there\u2019s never a one-size-fits-all solution when it comes to taxes.<\/span><\/p>\n

So, if you need tax help with a personal<\/i> touch, you know a reliable Southeastern FL tax pro you can call to help you out (ahem). <\/span><\/p>\n

And if you\u2019ve been keeping up with my writings lately, you\u2019re probably pretty familiar with the end-of-year tax moves you should be making. Because up until now, the 2024 finish line was the issue at large. <\/p>\n

And that\u2019s still true \u2013 but it\u2019s now time to start thinking ahead to a tax-smarter 2025 (and what credits you can take advantage of \u2013 which of course, I\u2019ll be your guide to). <\/p>\n

Today I\u2019m sharing more about the Work Opportunity Tax Credit (WOTC). This one is a strong potential for you if you have a passion for making an impact bigger than yourself. <\/p>\n

Is the Work Opportunity Tax Credit Right For Your Southeastern FL Business?<\/strong><\/span>
\u201cSomeone is sitting in the shade today because someone planted a tree a long time ago.\u201d \u2013 Warren Buffett<\/i><\/span><\/p>\n

Running a business is about more than cash flow and bottom lines, as you well know.<\/span><\/p>\n

Beyond financial success, one of the things that makes running your Miami Metropolitan business worthwhile is the way you invest in others \u2013 especially in those you hire. You\u2019re uniquely positioned to make a lasting impact on their careers and their lives. <\/strong><\/span><\/p>\n

And, the government has deductions and credits that you can sometimes claim for that kind of care, such as The Work Opportunity Tax Credit (WOTC) \u2013 which I want to talk more about today \u2013 along with some others (which I\u2019ll discuss more in the coming months). <\/span><\/p>\n

As far as the WOTC goes, if you bring individuals onto your team who typically struggle to get jobs \u2013 like veterans, ex-felons, or recipients of government assistance, as examples \u2013 the IRS offers you a little kickback in your tax burden. <\/span><\/p>\n

But of course, hiring these individuals is about so much more than the tax boost. The REAL benefit is seeing their lives changed for the better as you offer them growth opportunities that others won\u2019t. It\u2019s about how your business can make an impact that really<\/u> lasts<\/u>.<\/strong><\/i><\/span><\/p>\n

What is the Work Opportunity Tax Credit (WOTC)?<\/strong><\/span><\/p>\n

The WOTC <\/span><\/a>is a dollar-for-dollar tax credit for hiring individuals from certain groups that the IRS specifies. As of right now, the credit is good for the taking until the end of 2025 (although the historical pattern of Congress has been to extend it when it\u2019s close to expiring). <\/span><\/p>\n

How much you\u2019ll get from the credit varies \u2013 it depends on the target group of the employee, their qualified wages, and how many hours they work (and is calculated by a percentage determined by these factors). <\/span><\/p>\n

It ranges from a 1.2k boost for summer youth employees to 9.6k for veterans with a service-related disability who are unemployed for 6+ months.<\/span><\/p>\n

Who are the target groups?<\/strong><\/span><\/p>\n

To get the credit, consider hiring individuals who fall into these categories:<\/span><\/p>\n