Leading Technology Tax Platform Delivers Easy-to-Use Calculator to Ensure Companies Aren’t Missing Out on Big Tax Savings
Our goal is to help businesses simplify access to the tax savings for which they are owed and our new tool is a great way for them to quickly determine if they qualify and for what amount. Many business owners will be shocked to find out just how much they have been missing out on.
Today Clarus Solutions announced the launch of its new online tool that helps small businesses quickly calculate their employment tax credit eligibility, allowing SMBs to fully maximize the federal and state incentive programs that are earmarked to help them grow.
As the leading technology platform that simplifies access to employment tax credit opportunities like the Work Opportunity Tax Credit (WOTC) and Employee Retention Tax Credit (ERTC), Clarus enables small businesses to access up to $33,000 per employee for the 2020 and 2021 tax years.
On average, companies with less than 50 employees have received nearly $400K in ERTC tax credits and businesses with 200 employees have received $700k – so it is well worth looking into.
“Our goal is to help businesses simplify access to the tax savings for which they are owed and our new tool is a great way for them to quickly determine if they qualify and for what amount. Many business owners will be shocked to find out just how much they have been missing out on,” said Terracina Maxwell, president & co-founder of Clarus. “Tax incentive programs can be daunting and complicated, but with an easy-to-use tool in place, this is no longer the case.”
Companies who are curious about employment tax credits can use the following online tools to help them quickly calculate tax credit eligibility. Once on the landing page, simply click on “calculate your credit” and then answer a few quick, simple questions for immediate results:
The confusion around tax credits for small businesses is at an all time high – as evidenced by a recent survey of more than 500 business decision-makers where nearly half reported they “don’t know if our company qualifies” as the reason for not participating in federal or state tax incentive programs.
WOTC, which was recently extended until 2025, is an employment-based tax incentive that provides a vehicle to deal with the economics associated with the ongoing labor shortage issues created by COVID.
It is available to employers who hire individuals from certain targeted groups who have consistently faced significant barriers to employment. An employee must work 120 hours to be eligible for WOTC and after 400 hours worked, can receive the maximum tax credit available. Depending on the industry, companies can receive anywhere from $140-$200 per new employee.
As a result of working with Clarus, Oregon-based All Star Labor & Staffing, has experienced over 400 percent increase in WOTC tax credits in three years.
“Since 2018, our annual increase in tax credits has been incredible and shocking – in the best way,” said Karen Cain, Associate Director of Operations & Training at All Star Labor & Staffing. “Aside from the monetary benefits, WOTC is also helping with employee retention – and has allowed us to bring back many who were unemployed as a result of the pandemic.”
Clarus monitors state and federal employment tax credit programs and has helped companies secure more than $145MM in incentive dollars. To learn more and determine if your business is eligible for ERTC, visit http://www.claruswotc.com.
Clarus Solutions helps employers transform their cash flow by simplifying access to employment tax credit opportunities. Founded by tax experts, Clarus believes in the power of tax credits for improving business finances and built its cloud-based platform to help more businesses unlock the full value of federal and state incentive programs. Backed by a proprietary technology platform and unparalleled client service, Clarus collaborates with companies to deliver actionable insights for leveraging programs that impact hiring decisions and fundamentally improve the economics of their business.
Check out our recent video Introduction to Clarus with our Director of Sales, Emily Osborne.