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Reduce Hiring Costs by Using Tax Incentives

 
  John W. Braine, Partner, CFO Edge, LLC  
   
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  Article Summary  
With the cost of labor being a significant fixed expense and higher minimum wages on the horizon, executives and business owners have opportunities to reduce hiring costs by using tax incentives from both state and federal governments.

Enacted to increase the workforce size, these laws present opportunities for thousands of dollars in savings when eligible-group workers are hired.

An example: the Work Opportunity Tax Credit (WOTC) can cover about 47 percent of hiring and training costs for employees in target groups.

Because of eligibility and documentation requirements, applying for WOTC credits can be time-consuming and complex. A number of small and mid-sized businesses work with payroll services or other third-party providers with WOTC expertise and processes in place.

Los Angeles and Southern California executives interested in significant labor cost savings can benefit from talking with a provider of outsourced CFO services.

A CFO professional brings a proven track record of understanding and taking advantage of a wide variety of state and federal tax incentives focused on hiring workers who face barriers to employment.

  Open as PDF Open the entire article as a downloadable PDF (No form completion is requested.)  
     
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