While many entrepreneurs gripe about the tax burden government puts on small business, Uncle Sam does, on occasion, reward small business owners for doing the right thing. And when it comes to hiring veterans, the federal government provides tax incentives that encourage one of the best decisions a small business can make. But, in most cases, you’ll have to act fairly quickly in order to qualify for these tax credits.
The Returning Heroes Tax Credit
Signed into law on November 22, 2011, you only have until January 1, 2013, to qualify for this two-fold tax credit. The Returning Heroes credit is different based upon the length of the veteran’s unemployment.
· Short-term unemployment. If the veteran you hired was unemployed for at least four weeks, your business qualifies for a credit worth 40 percent of the veteran’s first $6,000 in wages (a $2,400 maximum credit).
· Long-term unemployment. If the veteran you hired was unemployed for longer than six months, your business qualifies for a credit worth 40 percent of the veteran’s first $14,000 in wages (a $5,600 maximum). (more…)
By Jack Garson
(As seen in the SmartCEO Magazine, March, 2012)
One of the first critical steps in building your business is hiring employees. Yet interviewing job candidates is often ineffective and, worse, presents abundant potential for costly mistakes and missed opportunities. Interviewing itself is far from foolproof. I work with numerous businesses on their employment matters, have led executive searches and conducted literally hundreds of interviews for many companies. Interviewing is not enough. Just like some people test well, others give great interviews and then fail miserably at their jobs. You need to do more than interview.
Weeding Do’s and Don’ts
Think of interviewing as one part of the hiring process. A good process increases successful hiring and weeds out candidates who are not suitable for the position. This process might start earlier than you think. For example, if your job posting includes a request for both a resume and a cover letter and someone only sends in a resume, then that person failed the first test. (more…)
There are many ways that we can all help veterans find and maintain employment. Sure, there are plenty of government services in place that assist veterans in this area but this is only half the battle, and besides, there’s always room for improvement. If we’re ever going to lower overall veteran unemployment rates it will require a collaborative effort from all of us.
Rather than focus on WHY it’s important to support veterans when it comes to seeking and securing jobs, because the answer to why should go without saying, this article is geared towards HOW we can provide solutions no matter what our age or position.
Help Raise Awareness
To every problem there’s a solution and positive change can all begin by raising awareness. A little support really can go a long way. As a member of your community, whether you’re a student, business owner or even someone who is retired, there are countless ways you can get involved when it comes to helping veterans in your neighborhood find work. (more…)