Tax Saving Opportunities
Work Opportunity Tax Credit (WOTC)
The WOTC is a federal tax incentive program created to promote the hiring of individuals who face significant barriers to employment. Any business can earn WOTC tax credits by hiring individuals who fit one of the program’s target groups such as veterans, disabled persons and persons who have received food stamps. Newly hired employees are screened to see if they qualify. If they do, employers can earn up to $9,000 in federal tax credits per employee.
California Enterprise Zone (CAEZ)
The CAEZ is a state tax incentive program that is open to businesses located in one of 42 growth areas of California known as Enterprise Zones. Such businesses can earn tax credits for certain routine business expenses and for hiring employees who face significant barriers to employment. A single qualifying employee can generate up to $37,000 in tax credits over 5 years.
Federal Empowerment Zone (FEZ)
The FEZ is a federal tax incentive program which offers both tax credits and
deductions to businesses for hiring individuals who both live and work in a designated empowerment zone. Up to $3000 in federal income tax credits can be
claimed for each qualifying new and existing employee.
Federal Renewal Community (FRC)
The FRC is a federal tax incentive program that offers both tax deductions and
credits to businesses located in federally mandated renewal communities. An FRC business can claim up to $1,500 in
credits for each qualifying new or existing employee.
State and Local Tax Incentives
First Capitol Consulting, Inc. is a leader in providing tax incentive programs nationwide.
Tax incentive programs are offered by most states and local jurisdictions to businesses based on geographic locations, hiring, and/or expenditures. Determining whether a tax incentive applies in a certain jurisdiction is a laborious process involving collecting applicable data, screening employees, researching records, and communicating with local and state government agencies. Furthermore, these programs are constantly evolving with the passage of new legislations.
First Capitol Consulting, Inc.’s services include providing the most comprehensive tax incentive program available in your jurisdiction. FCCI will handle all of the research and data analysis and also ensure that all appropriate and lucrative tax incentives are available to your business. Some of these programs may provide thousands to multi-millions in tax credits and refunds.
Tax incentive programs are offered by most states and local jurisdictions to businesses based on geographic locations, hiring, and/or expenditures. Determining whether a tax incentive applies in a certain jurisdiction is a laborious process involving collecting applicable data, screening employees, researching records, and communicating with local and state government agencies. Furthermore, these programs are constantly evolving with the passage of new legislations.
First Capitol Consulting, Inc.’s services include providing the most comprehensive tax incentive program available in your jurisdiction. FCCI will handle all of the research and data analysis and also ensure that all appropriate and lucrative tax incentives are available to your business. Some of these programs may provide thousands to multi-millions in tax credits and refunds.
