Tax Credits for Businesses that Hire Unemployed Workers
HIRE Act Provisions Available Until Dec. 31
This year, businesses hired nearly 4.5million new workers who were eligible for HIRE Act tax exemptions. The HIRE Act exempts Social Security payroll taxes for businesses that hire workers who have been unemployed for 60 days or longer. In addition, the HIRE Act allows employers to claim a tax credit of up to $1,000 for each newly hired qualifying worker who is retained for one year.
For more information about how to use HIRE Act tax breaks visit the IRS website at this link: http://www.irs.gov/businesses/small/article/0,,id=220745,00.html