Your New Employee Can Save You $3,000!
That’s right! Starting January 1, 2009, small businesses that hired a new employee may be eligible for a California tax credit of $3,000 for each employee.
In order to be eligible, a small business must have 20 or fewer employees and there must be a net increase in qualified full-time employees when compared to the preceding taxable year ending December 31, 2008.
New businesses count too! If a business is started after January 1, 2009, all full-time employees, hired during the year and working more than 35 hours per week may qualify for the credit.
In cases where the tax credit exceeds taxes due, this ‘New Jobs Credit’ may be carried forward up to eight years!
If you would like to learn more about how to claim the credit and if your business is eligible, please contact us at (916)646-6464, and ask to speak to a member of our tax management team regarding the California ‘New Jobs Credit.’