Hiring Credit Specialists, LLC

Tax Benefits

Enterprise Zone companies are eligible for substantial tax credits and benefits including:

• Hiring Credits - Firms can earn $37,440 or more in state tax credits for each qualified employee hired;
• Up to 100% Net Operating Loss (NOL) carry-forward. NOL may be carried forward 15 years (suspended for tax years 2002 and 2003);
• Corporations can earn sales tax credits on purchases of $20 million per year of qualified machinery and machinery parts;
• Up-front expensing of certain depreciable property. Lenders to Zone businesses may receive a net interest deduction;
• Unused tax credits can be applied to future tax years, stretching out the benefit of the initial investment;
• Enterprise Zone Companies can earn preference points on state contracts.

CPA Partnership

• Our efforts actually help your CPA maximize your tax savings.

• We do not compete with your CPA as this program is more of an HR and Employee Retention Program than an Accounting Program.

• We believe that your accountant is the most qualified person to handle your tax planning or preparation.

• We also believe that an EZ Tax Credit Consultant is the most qualified person to handle your EZ Hiring Credits.

• Many CPA firms recommend that their clients utilize the expertise of an EZ Tax Consultant to administer the Hiring Credit program.

• At the end of the year, we provide your CPA with an easy to read credit report.  The data is used to claim the credits on your return.

• These credits are also retroactive.  Your CPA may suggest that you look at prior year's tax payments and determine if you want to receive refunds for your overpayments.

Important Links:

Enterprise Zone Employee Credit Form 3553:  http://www.ftb.ca.gov/forms/07_forms/07_3553.pdf

Enterprise Zone Deduction and Credit Summary Booklet:  http://www.ftb.ca.gov/forms/07_forms/07_3805zbk.pdf

IRS Form 8886:  http://www.irs.gov/instructions/i8886/index.html

Housing and Community Development EZ Page:  http://www.hcd.ca.gov/fa/cdbg/ez/

Franchise Tax Board Homepage:  http://www.ftb.ca.gov/

Federal Form 8850 (WOTC):  http://www.irs.gov/pub/irs-pdf/f8850.pdf

Map of the Enterprise Zones:  http://www.caez.org/Programs/Map_of_CA_Zones.html

California Association of Enterprise Zones:  http://www.caez.org/