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Little Known Employer Tax Credits: WOTC, R&D, And So Much More - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 102
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In this episode of Mission to Grow, host Mike Vannoy and guest Shannon Scott, CEO of HR Logics, delve into the often-overlooked world of employer tax credits. They explore the Work Opportunity Tax Credit (WOTC), Research and Development (R&D) credits, and how small and midsize businesses can benefit. Shannon discusses eligibility, the application process, and the advantages of using consulting firms to manage these credits. If you're a small business owner, this episode is packed with valuable insights to help you potentially save thousands of dollars through tax incentives.
Takeaways:
- There are a plethora of tax credits available to small business owners that aren’t being utilized simply because they aren’t known about. Identifying and educating yourself on these credits can save your business thousands of dollars a year.
- Tax credits are typically aimed at helping groups that face higher barriers of entry to getting hired. Some of these demographics include: veterans, felons, individuals on government assistance programs, and disabled people.
- WOTC is a valuable incentive of up to $9,600 for hiring from specific demographic groups, requiring a minimum of 120 hours of work to qualify. Employers should ensure timely submission of information to state WOTC offices for certification.
- While many employers assume they aren’t hiring from these demographics, over 30% of new hires in America qualify for a credit. Additionally, some credits allow qualification based on an employee's household, further increasing the eligible population.
- The utilization of an outsourced group for benefits processing can shield employers from potential risks by providing only essential qualification information without disclosing specific benefit details.
- As WOTC can only be used against a tax liability, you may be left with extra credit at the end of the year. Credits can be carried forward for up to 20 years, allowing you to bank credits for future years.
- Small businesses, not just large employers, can qualify for the research and development credit by improving processes or manufacturing. Chefs who develop new recipes are one example of small businesses being eligible.
Quote of the Show:
- “Just because you're a small business doesn't mean you can't take advantage of the same things that you see these larger corporations are taking advantage of.” - Shannon Scott
Links:
- LinkedIn: https://www.linkedin.com/in/shannonscottceo/
- Company Website: https://www.hrlogics.com/
Ways to Tune In:
- Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj
- Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976
- Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null
- Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c
- Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
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