Posted by LWM Team on Tue, Feb 09, 2010
Have you sunk so low that you don't know if you have a business or a not for profit charity? Join the crowd! Did you miss seeing a good tax pro this year...if you missed the boat then you may be also missing out on oodles of credits, and ways to still be part of the enormous sea of business! Chalk it up to the economic downturn, because it was this calamity that created fertile ground for you to grow your dream business.
Part of the American Recovery and Reinvestment Act...SO RECOVER ALREADY!
The Work Opportunity Tax Credit is just one wee little part of the American Recovery and Reinvestment Act of 2009. It came our way in February this year and it's enabled the businesses that know about it, to gain valuable credits for hiring some specific types of workers. The idea is to help business and also help the people who may be suffering the most, both at the same time.
Who Gets the Job?
This Tax Relief Credit provides massive dough to businesses who hire unemployed veterans (who were discharged in the last five years), a few other types of veterans, young people (between 16 to 24 years of age) who are deemed "disconnected" and do not attend school or work, Hurricane Katrina victims, people who draw unemployment benefits, or public assistance, such as food stamps or Medicaid, and ex-con's (provided they are within their first year ‘on the streets'). Talk about target groups...wonder how well they work together?
Well, with nerves of steel business owners today can hang on to the life-raft by taking advantage of "Uncle Sam" and the Work Opportunity Tax Credit!