New Hire Tax Credits Available to Churches & Nonprofits

Do you own business or are a leader of a tax-exempt organization? If so you may want to check out two new tax benefits for employers who hire and retain new workers. If you hire unemployed workers in 2010, you may qualify for a 6.2% payroll tax exemption. It applies to workers hired after February 3, 2010, and before January 1, 2011. And for each worker retained for at least a year, you may be eligible to claim a new hire retention credit of up to $1,000 per worker. The retention credit applies only to business income tax, so a church or nonprofit could only use it against unrelated business income tax. There are some additional provisions, so check out the details at http://www.irs.gov/irs/article/0,,id=223909,00.html