Save Money This Tax Season with Enterprise Zone Credits
can help you with your corporate tax planning so that you can save money and help your local community at the same time.
An enterprise zone tax credit may be earned for each company that is located in one of forty-two state enterprise zones. These zones have been hit hard by the economic downturn facing our country, and there are many people living in the zones that need work, yet face challenges finding jobs. It was for the purpose of increasing the hiring of residents of a California enterprise zone that the California enterprise zone tax credit was established, and these, along with the federally sponsored enterprise zone tax credit, helps businesses to locate in these areas and boost the local economy, helping people to get off of unemployment rolls and state benefits while simultaneously improving your business.
You will need to determine if your company falls within the boundaries of a California enterprise zone, and your CPA can help you with this. Next, you will want to understand the hiring rules that are involved with earning a California enterprise zone tax credit. It is based on whom you hire, and your employees will need to be in certain qualifying groups of people in order for your business to earn an
california enterprise zone tax credit. Employees who live in the California enterprise zone and who are qualified disabled veterans of military service, workers who have been recently laid off, summer youth hires and young people in the zones, those receiving public assistance and others who qualify at the time they are hired make your corporation eligible for these tax credits. Credits may be retroactively applied for up to three years prior to the current year when the qualifications are met, and credits may also be carried forward to next year if you do not need to use them this year.
A Long Beach CPA with a complete understanding of the California enterprise zone credits that are available for businesses will be needed in order to make sure you do not miss any tax benefits that come from your location in a California enterprise zone. He or she can also help you learn if you qualify for federal hiring credits as well as state ones.
Published by Wayne Hemrick
Wayne Hemrick has been in the mortgage home loans area for 20 years. He has his own very successful real estate and mortgage company. View profile
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