No Change to Hiring Practices
The fact is your company almost certainly already hires eligible employees. You just don't know who they are yet! No changes to your hiring practices are required.
The WOTC tax credit is designed to reward employers that hire members of WOTC's defined "targeted groups." These include certain military veterans, members of families who were receiving public assistance prior to their hire, at risk youth (ages 16 through 24), and others.
Members of these groups make up a significant percentage of the U.S. population, including the populations from which your company hires new employees.
It is not unusual for us to qualify anywhere from 8 percent to more than 30 percent of an employer's workforce -- without any special emphasis on recruiting WOTC-eligible employees. Conclusion: If you're not using WOTC now, your company is almost certainly missing WOTC opportunities and overpaying its federal income taxes.
Small Chain - Big Tax Refund
One of our very first Taco Bell clients, this regional group of restaurants enjoyed two locations within a California Enterprise Zone. They were located within this zone for years before one of our representatives stopped in to talk about the benefits they were missing.
Within a few months, we completed a full retroactive tax credit analysis covering the prior four tax years. Soon after that, the owner of this group received four large tax refund checks totaling more than $100,000!
Small Machine Shop Receives Hefty Bonus
A small two-man machine shop was experiencing difficult times in Marysville, California. They didn't know they were located within a California enterprise zone. With a little help from Zone Centrix, this sole propriety secured a $19,000 tax refund that was completely unexpected -- taxes he had overpaid during the past few years while unaware that his businesses was already qualified.
Mortgage Lender Saves Hundreds of Thousands
We recently completed a retroactive tax credit analysis under the California enterprise zone program for this lender in southern Callifornia. With a pool of 30 employees to evaluate, we secured tax credits of $170,000 from 2008 and 2009 and anticipate more than $100,000 in additional tax credit to be generated by wages paid to qualifying employees in upcoming years.
We have been very happy with the results of Zone Centrix' tax credit services. One year, they documented federal employment-based tax credits for us averaging almost $170 per new employee!
