What is the HIRE Act and How Does It Affect You?
On March 18, 2010, President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act, which provides hiring incentives to restore some of the jobs lost in the recent economic recession. Businesses should be prepared to take advantage of the new tax credits related to hiring employees and to writing off investments in equipment. Until January 1, 2011, businesses that hire qualifying workers will get the most out of these tax credits.
What are these tax incentives?
- Payroll tax exemption of the employer’s share of Social Security taxes on wages paid to these workers after March 18, 2010.
- Employer tax credit of up $1,000 per worker.
Qualified employees must meet the following criteria to qualify:
- Employee must be hired between February 3, 2010 and January 1, 2011.
- Newly-hired employee was unemployed during the 60 days prior to starting work, or worked fewer than 40 hours for someone else during the 60-day period.
Additionally, this bill includes another item that allows small business owners to write off equipment investments of up to $250,000 this year instead of depreciating the equipment over many years.
Don’t miss these tax credits. If you have questions regarding this new law Contact us today toll free at
(888) 680-8800begin_of_the_skype_highlighting to get more information about our Human Resources solutions.
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