IRS reminds businesses to take advantage of tax credits

The Internal Revenue Service is reminding businesses to take advantage of business tax credits, according to a news release from the IRS.

The Work Opportunity Tax Credit provides eligible employers with a tax credit when they hire new employees from a "targeted group."  The credit is up to 40 percent of the first $6,000 of first-year wages of a new employee.

An employee with a disability is one of the targeted groups for the Work Opportunity Credit, provided the appropriate government agencies have certified the employee as disabled.

The credit is available to the employer once the employee has worked for at least 120 hours or 90 days.

The VOW to Hire Heroes Act of 2011 provides an expanded work opportunity tax credit to businesses that hire eligible unemployed veterans and for the first time also makes part of the credit available to tax-exempt organizations.

The credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2013.

For more information, go to IRS.gov and check out information on the Disabled Access Credit and the Work Opportunity Tax Credit.

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CMS helps companies of all sizes save money by taking advantage of the Work Opportunity Tax Credit. Call Brian Kelly at 1-800-517-9099 today to see if it makes sense for you.