|
It is no news that thirty years of bad economic policy and sadly misplaced priorities on the part of the Federal Government have brought the U.S. economy to its knees. In response, the individual states have created what are known as "enterprise zones." These are urban areas and rural communities that have been identified as having been particularly hard hit; the State of California has identified forty-two such areas. In order to bring new opportunities to these areas, Sacramento has created the WOTC California program of tax credits and incentives for entrepreneurs and business owners willing to locate in these devastated communities and provide jobs for those most in need of them. WOTC California, Explained The work opportunity tax credit california program is a hiring tax credit. When your business hires a qualified person that may otherwise be at a disadvantage when seeking employment, the california wotc tax credit offers up to $13,000 on your annual business return – and this benefit if retroactive for up to four years. In addition, this hiring tax credit can be applied to as many as half of your company's workforce. In order to qualify for the Work Opportunitiy tax credit, California businesses must hire persons who have been identified as disadvantaged. WOTC California applies to the long-term unemployed, people who have been on some sort of public assistance, the disabled, veterans, members of ethnic minority groups and – within certain guidelines – reformed felons. More About the Work Opportunity Tax Credit California businesses can also benefit from providing summer jobs for disadvantaged youth. Young people in urban areas have been particularly hard-hit by our dysfunctional economic system, especially African-Americans, Latinos and Native Americans. By offering these young people a chance to earn a paycheck, you will be helping to reduce crime and gang activity – and the State of California will make it worth your while with work opportunity tax credits. This also applies to disabled veterans. The human consequences of the country's misguided military operations abroad will be with us for many decades; work opportunity tax credits will give you an incentive to help our society in mitigating this human tragedy by prioritizing the hiring of these people who gave so much. For The Greater Good: The Annual Work Opportunity Tax Credit California business owners and entrepreneurs should keep in mind that the WOTC California credits can be applied not only when you initially hire a qualified worker, but every year the employee is on your payroll. WOTC California improves your bottom line at the same time to brings growth – and more importantly hope – to economically ravaged communities. Contact a professional CPA today to learn more.
Related Articles -
wotc california, work opportunity tax credit california, california wotc tax credit, hiring tax credit, work opportunity tax credits,
| 
