Across the retail industry, businesses large and small experience the costs associated with turnover. Along with turnover costs, industry-specific threats in the form of inventory shrink and customer data breaches continue to be big problems that are costing retailers billions of dollars each year.
So how can you help your retail business minimize the effect of these costs? One way is to take advantage of employment based incentives such a the Work Opportunity Tax Credit. Approximately 20% new hires can qualify your retail business for $2,400 – $9,600 in tax credits.
Hiring incentives or tax credits have been in place since the mid-70’s. They were created by the government to motivate employers to hire job seekers that have difficulty obtaining employment. Tax credits range in value from $1,200 to $9,600 per qualified hire.
The Work Opportunity Tax Credit (WOTC) is a federal hiring incentive program that allows your business to receive up to $9,600 in tax credits per each eligible new hire.
The partnership between and Synergi positions you for success, growth and profitability. We recognize your need for great talent and industry leading tax credit consulting and technology. We look forward to having you as part of our family. Please follow the instructions below to get started.
The Work Opportunity Tax Credit is a federal hiring incentive that provides a tax credit worth up to $9,600 if your company is hiring from any one of the following groups:
Tax credits off-set tax liability dollar for dollar. Some companies use credits in their tax planning to off-set quarterly estimated payments. Some companies use credits at the end of their tax year against annual tax liability. In the event of no tax liability, tax credits can be carried forward for up to twenty years. Consult with your tax professional for how to best use these incentives.
The life of a tax credit can be a year or more. The process begins with screening your new hires and ends with delivery of a certified and calculated tax credit. We manage this for you.
Synergi beats the competition when it comes to screening, eligibility, forms compliance, certifications, and reporting
