Labor-Related Tax Breaks Businesses Need To Know - Engine Builder Magazine

Labor-Related Tax Breaks Businesses Need To Know

Job Corps Graduates: Job Corps is a free educational and vocational training program available to eligible youth between the ages of 16 and 24. Businesses who hire Job Corps graduates not only get a highly trained entry-level employee, but qualify for a $2,400 tax break for at least six months of full-time employment and a $1,200 tax credit for part-time employment for the same amount of time.

 

Veterans: Federal tax benefits are available for business owners who hire veterans under the Work Opportunity Tax Credit (WOTC). There is a credit of up to $2,400 if a business hires a veteran who is a member of a family that has received food stamps or a disabled veteran who is participating in a vocational rehabilitation program. Businesses can receive up to $4,800 in tax credits for hiring a veteran within one year of being discharged or released from active duty or who has been unemployed for any six of the last 12 months.

 

Unemployed: The Hiring Incentives to Restore Employment Act (HIRE) gives employers who hire an unemployed worker before January 1, 2011 a 6.2% payroll tax incentive, which basically exempts them from their share of Social Security taxes on wages paid to that worker. In addition, for each worker retained for at least a year, business can claim an additional general business tax credit of up to$1,000 per worker, when they file their 2011 taxes.

 

Disabled Workers: Not only can businesses who hire disabled workers qualify for WOTC but there are also tax breaks available for improving the work lives of those employees. Disability Access Tax Credits exist, including the Architectural Barrier Removal Tax Deduction which gives employers up to $15,000 a year to improve entrances, walkways, etc. for persons with disabilities.

For more information on the program log onto https://www.jobcorps.gov.

You May Also Like

Utilizing Instagram

“When we started, we had no business at all… that’s when I started using Instagram,” Yaghoubian says. “Back then I didn’t know a lot about social media, but it works for business really well, and especially the automotive industry on Instagram.”

The Industry has changed, so should you.

“One picture I posted got 7,600 likes, it reached 112,000 people, I got 982 profile visits from that post, 758 people saved it, and 208 people sent it to other people,” says Aaron Yaghoubian, owner of Arlington Machine in Riverside, CA, talking about an Instagram photo he shared in August of an Evo 8 short block project. “You can’t beat it. Some engine builders are over here crying, but they don’t want to use something that’s free. They have the device in their hand, now download the app and do it.”

Higher Revving Education

We’ve all seen the ads in magazines and online for schools, classes and seminars on tuning an ever-increasing number of engines and even transmissions in today’s cars and trucks. The better ones will include the use of a chassis dyno to show real-time results of the step-by-step methods they teach.

Chassis vs Engine Dyno

We spoke with a couple shops that utilize both dyno types to get their take on the advantages, disadvantages and reasons to have one over the other or both.

Tradeshow Season

While the rest of the world tends to slow down in the fourth quarter, our industry is starting to rev up. That’s because it’s tradeshow season, and the excitement for next year is always palpable!

OE Parts vs. the Aftermarket

Many of your customers believe that OEM parts are better than aftermarket parts. We wanted to dispel some of the myths once and for all. Without getting into the mud about which brands are better. It is important to note that not all parts are created equal, and this includes both aftermarket and OE replacement parts.

Other Posts

Setting Up an Instagram Account

The old saying goes, “A picture is worth 1,000 words.” Well, in the world of social media, that same picture is not just worth 1,000 words, but could also be worth thousands of dollars in new business for your engine shop. By now you’ve likely seen our features on setting up and utilizing Facebook for your business. Next on our ‘to-do list’ is an introduction to Instagram for those of you who haven’t started utilizing this social media platform.

The Potential in Differential

Is growth part of your business strategy? It comes in a lot of different forms, but when it’s adding a new service offering or product for your customers, it can be nerve-racking at the very least. The additional investment in tools, equipment, training or people weighed against the unknown outcome leaves you holding all the risk, unless there is something that’s a perfect fit.

How To Put Your Facebook Page To Work

A couple months ago, we walked you through the setup of a Facebook business page. Hopefully you’ve gone ahead and created that page and took some time over the last couple months to play around with ways to engage with an audience. If not, go back and check out the February issue. It’s worth your while to do so!

Intellectual Property Rights Enforcement

Once you’ve obtained your IPR, then what? What can you do when you find another person or business violating your patent, trademark, or trade dress? Below, we take a closer look at the steps you can take to enforce your IPR against unauthorized use.