If You Hire, Pay Attention
Potential Value: Depending on how many employees you hire. A reasonable expectation is $1,000 in tax incentives per new employee. This can be carried forward for many years.
Ease of Implementing: This program literally takes about 15 to 30 minutes to implement.
Cost of Implementing: There are no upfront fees and only a very small monthly subscription charge. If you hire more than one person per year, this will pay you exponentially.
WOTC – Workers Opportunity Tax Credits & Other Hiring Incentives
When I first started talking to businesses about this, I was completely shocked that none of them were taking advantage of this free money, for doing what they already do – hire employees. Then I talked to those who tried to and quickly realized why they abandoned it, in many cases. Process is arduous and the typical results are terrible.
This application has absolutely revolutionized taking advantage of these programs.
The paperwork is entirely eliminated and the process is easy.
- It takes about 15 minutes to set up.
- When you have a new applicant, enter their name, phone and email.
- They will receive a link, where they will answer some questions on a secure, password protected site.
- In addition to WOTC this checks for other State, Local and Federal hiring incentives. All answers are verified to be acurate, with appropriate Agencies.
- If they qualify, you will be notified as to how much, immediately.
- Then, let the system know if you hired them. Done.
- At the end of the year, you will get a statement to file with your taxes.
Secondly, a large percentage of the applicants are qualifying and the average amount is $2,400, but can go as high as $9,600. If you have screened for WOTC, you can expect about 2 to 3 times as many applicants to qualify. The reason is simple, this process gets accurate answers. For more on the reasons, see my videos, below.
The bottom line is in the math. If you hire 10 employees per year, your return is likely to be conservatively $10,000. There are no strings attached to the money, use it for whatever you want. Currently in Northern Nevada, worker retention is an issue. No you have a little money to use to develop a retention program.
To see what using this program will add to your company’s bottom line, click on this hiring calculator.