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Employment Tax Credits
Many federal and state employment tax credits are available to businesses yet thousands of dollars go unclaimed every year. Why? Although tax credits can be lucrative for a business, they are complex to identify and recoup. But you should not let the complexity of tax credit programs hinder you from pursuing them. They are a “low-hanging fruit” opportunity to increase your bottom line.

The most opportune way for you to pursue tax credits is to partner with an experienced firm who already has a proven track record for claiming millions of dollars in tax credits. HKP is available to claim your deserved tax credits for you.

HKP is a division of the Top 100 CPA and business consulting firm, Honkamp Krueger & Co., P.C.  We already have an established tax credit department with full-time staff to research, apply and recoup your tax credits. With our experience, you can count on HKP to uncover the tax credits for which you are qualified. Our superior, accessible people will provide all the help you’ll need, whether it’s quickly answering a question, untangling “government speak” or simply talking to you about our tax credit program. To ensure we are taking advantage of all the possible incentives on both federal and state levels, our in-house tax department provides continuous, thorough tax credit research.

Here is a snapshot of current employment tax credits we aggressively pursue for our clients:

Federal
Work Opportunity Tax Credit (WOTC) Program: Up to $2,400 per employee
You may qualify if you have employees who fit in these categories:
  • Short Term Temporary Assistance for Needy Families (TANF)
  • Veteran on welfare or unemployed
  • Vocational rehabilitation referral
  • Summer, high-risk or disconnected youth
  • Ex-offender
  • Supplemental Security Income recipient
  • Food stamp recipient
  • Enterprise Zone resident
  • Rural renewal county resident
  • Long Term Temporary Assistance for Needy Families (TANF) - up to $9,000 credit!
State
Each state varies, but the following are some examples of credits commonly pursued:
  • Enterprise Zone credits
  • Hiring disadvantaged workers
  • Hiring credits and refunds
  • Job creation credits
Who do we work with?
HKP pursues tax credits for organizations in all 50 states. In our experience, organizations with over 100 employees with high turnover of hourly employees tend to receive the biggest benefit from the federal and state employment tax credits. Not an exclusive list, here are some sample industries:
  • Health care
  • Convenience stores
  • Hospitality
  • Manufacturing
  • Restaurants & fast food chains
  • Staffing
  • Telemarketing

For more information on employment tax credits, call 888-556-0123 or submit our online form.

The Power of Tax Credits
To demonstrate the power of tax credits, here is a conservative example of how it works:

>A company has 200 employees and experiences 100% turnover.
 
>Of the 200 employees, 15% (or 30 employees) qualify for tax credits.
 
>The tax credit is worth, at a conservative estimate, $1,500 per employee.
 
Therefore, 30 employees multiplied by $1,500 is a $45,000 tax credit in one year!