PayMaster Services - Tax Credit ServicePayMaster Services
Tax Credit Service
The Welfare To Work (WTW) and Work Opportunity Tax Credit (WOTC) are incentives to private, for profit employers to hire individuals from certain targeted groups.
What does this mean to you.…BIG Tax Credits!
Up to $2,400 per new hire in the first year and as much as $9,000 in the second year.
If you have ever hired someone from one of the following groups you would have been eligible for the credit;- Qualified Veterans
- Qualified Ex-Felons or work release individuals
- Vocational Rehabilitation Referrals
- Qualified Summer Youths
- Qualified Supplemental Security income Recipients
- Qualified High-Risk Youth
- Qualified individuals living within an Empowerment Zone or Enterprise Community
- A member of the employee's family that is a Qualified Food Stamp Recipient
- A member of the employee's family that is a Qualified Aid to Families with Dependant Children Recipient
Our Tax Credit Service helps your company obtain these credits easily by;- Providing guidance in preparing pre-screening certifications.
- Monitoring of pertinent job applicant information to verify eligibility.
Post-hiring documentation of hours worked and wages paid to determine the amount of the applicable credit.
Report of tax credits earned at the end of the year, and preparation of annual tax credit forms, including IRS forms 8861 and 5884.
Monitoring of changes in applicable legislation and regulations to ensure compliance.
Our service is on a contingency basis, so if you do not receive a credit, there is not a charge.