Small Business Tax Tips And Advice

https://ygacpa.com/blog/take-advantage-of-small-business-tax-deductions/The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring and employing individuals from certain targeted groups who have faced significant barriers to employment.WOTC joins other workforce programs that incentivize workplace diversity and facilitate access to good jobs for American workers.The Consolidated Appropriations Act, 2021 (Section 113 of Division EE P.L. 116-260) authorized the extension of the WOTC until December 31, 2025.Notice 2021-43, issued on August 10, 2021, provided transition relief by extending the 28-day deadline for employers hiring individuals who are Designated Community Residents or Qualified Summer Youth Employees who begin work on or after January 1, 2021, and before October 9, 2021, to submit a completed Form 8850 to the designated local agency (DLA) no later than November 8, 2021.Notice 2020-78, issued on December 11, 2020, provided transition relief for employers that hired certain individuals residing in empowerment zones by extending the 28-day deadline for employers who submit a certification request for an individual who began work between January 1, 2018, and December 31, 2020.To be eligible for the transition relief under either notice, an individual must reside within an empowerment zone.When it comes to filing taxes, there are many ways small businesses can save money. Small business owners can take advantage of different tax deductions and place their saved dollars back into their business. Whether you work from home, an office, or a vehicle, here are some ideas to consider. Added together, these costs can lead to big savings!