Tax Credits You Can Get When You Hire Employees!
If you own a business and have employees, do you know that there is a tax credit that pays business owners who hire eligible veterans, teens, and other workers? This tax credit generally equals 40% of qualified first-year wages paid to an eligible employee, up to a maximum wage amount of $6,000. The credit rate is reduced to 25% of qualified first-year wages for employees who complete at least 120 but less than 400 hours of service. For an employee to be eligible, the new hire must be a certified member of the State Workforce Agency (SWA). When you hire them, you can obtain the certification when the employee starts working or complete a pre-screening notice, using IRS Form 8850, and then submit it to SWA within 28 days after the employee begins work.
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