Are There Tax Saving Benefits for Hiring Unemployed People Now?
If you are on the fence about hiring new employees (or ones you were forced to lay off when the recession hit your business) right now, you have got to check out the article “Hire Now, Save Later” on Entrepeneur.com ASAP. They discuss how some companies maybe able to save thousands in taxes by giving jobs to the unemployed through tax breaks in Social Security taxes and the HIRE Act tax credits, both of which expire at the end of 2010.
“Between these two breaks, you can save thousands of dollars in taxes. Better still, if you need to do a lot of hiring, there is no limit on the number of employees for whom you can claim the credits.”
The article goes on to explain what you need to know about IRS rules and the specific restrictions that apply to these tax breaks, which you can read about here. We can also tell you that the IRS has the new Form W-11 that each new hire will need to complete, which you can read more about at IRS.gov .
Are these tax incentives worth it? Please share your thoughts with us!