New Tax Benefits Are Now Available To Employers
Will you be hiring new employees this year? There are two new tax benefits now available to employers. As part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law in March 2010, employers who hire workers who were working part time or previously unemployed can receive two new tax benefits:
- You may qualify for a 6.2-percent payroll tax incentive if you hire unemployed and part-time workers after Feb. 3, 2010 and before Jan. 1, 2011.
- Retaining the qualified employees for at least a year will allow you to claim up to $1,000 per worker when you file your 2011 income tax returns.
These are helpful to employers who are adding positions to their payroll this year. Please note that family members and relatives of the employer do not qualify.
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Source: irs.govDisclaimer: The information provided above is for awareness only and not intended as legal or tax advice. Please consult with your legal counsel and/or tax professional on employment law and tax matters.