The Illinois Department of Employment Security announced Wednesday that the agency has completed a year-long upgrade of its web site to enable more businesses to access tax incentive information. Applications for the Work Opportunity Tax Credit showed Illinois businesses qualified for $67 million in income tax credits after hiring 27,000 individuals from historically disenfranchised groups, including military Veterans, the press release said.
IRS Tax Credit Check – Business Credits
Here is today’s Tax Credit Check, a reminder to businesses to take advantage of business tax credits. Businesses accommodating people with disabilities may qualify for the following two tax credits.
Capture jobs credit for vets
Does your business intend to hire military veterans this year? It may qualify for the Work Opportunity Tax Credit (WOTC). The maximum WOTC is $9,600 for hiring veterans with service-connected disabilities who have been unemployed for more than six months; $5,600 for other veterans who have been unemployed for more than six months; and $2,400 for veterans who have been unemployed from one to six months.
The Internal Revenue Service is reminding businesses to take advantage of business tax credits, according to a news release from the IRS.
How to tap into the growing labor pool of service members to benefit your business
A projected 175,000 service members will be exiting the military in the next year. When they return to civilian life, these young veterans of the Iraq and Afghanistan wars will face an unemployment rate of 23 percent, contributing greatly to the Department of Defense’s annual unemployment compensation payments of more than $900 million. However, at the same time, there are 1.7 million high-wage, high-demand jobs open in the U.S. today that match the skills of service members, representing more than $136 billion in gross wages.
VOW To Hire Heroes Act Benefits Unemployed Veterans and Employers
The VOW (Veterans Opportunity to Work) to Hire Heroes Act intends to help veterans between the ages of 35 and 60, especially ones with service-related disabilities, find training and employment.
Seven Opportunities For Retailers
On top of the economic uncertainty all companies must contend with, retail stores and restaurants face significant long-term challenges, including the continued rise of e-commerce and the ongoing need for financing. And while there’s no easy fix, these companies can enjoy a higher level of financial security and take advantage of potential opportunistic moves in a soft market by focusing more attention on their cash and capital. To do this properly, they need to truly understand their sales peaks and valleys and carefully project their cash flow on a rolling 12-month basis. The following seven factors can help you make the most of your cash flow potential.