This summer, more than one million teenagers will be looking for jobs. The companies that bring them on board will get more than just more entry-level workers; they will also get the chance for a tax break.
That's because of the work opportunity tax credit, a federal program that runs through the end of 2025 that offers employers financial incentives to hire people from certain demographic groups and areas, which have historically faced barriers in the labor market. If business owners plan to hire any 16- or 17-year-olds between May and September, they could qualify.
The tax credit, which pays $1,200 per qualified teenager, could provide a much-needed boost to seasonal businesses, like restaurants, amusement parks, pools, and beach shops, which already depend on high schoolers to beef up their staff each summer, says certified public accountant Miklos Ringbauer. The founder of MiklosCPA, an accounting and tax strategy firm in Los Angeles, says he has been fielding questions about the niche tax credit from businesses in tourist hot spots like Huntington Beach and Newport Beach and telling them to consider it--especially in this economic climate.
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