Equifax

Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter

 

Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Hiring? Do Your New Hires Qualify You for Tax Credits?

Written by Eva Rosenberg on August 4, 2010 in Tax  |   No comments

Hired anyone lately? Oh, my! It’s a daunting prospect. Have you read the National Taxpayer Advocate Report to Congress that was released in July? In it, National Taxpayer Advocate Nina E. Olson describes hiring hardships faced by the average small-business owner: Consider an individual without…

Tax Credit for hiring new employeesHired anyone lately? Oh, my! It’s a daunting prospect.

Have you read the National Taxpayer Advocate Report to Congress that was released in July? In it, National Taxpayer Advocate Nina E. Olson describes hiring hardships faced by the average small-business owner:

Consider an individual without a college degree who becomes a successful plumber or electrician with a growing customer base. If he hires employees, he will face a host of employment, immigration verification, and state and federal tax requirements, including the need to withhold and pay over payroll taxes . . . and to file employment tax and income tax returns on behalf of his business. For most taxpayers, these requirements would seem daunting or even impenetrable, and some taxpayers inevitably do not comply simply because they have no idea where to begin.

Let’s face it-when you are a small-business owner faced with the burden of endless paperwork, you’re apt to overlook the tax benefits available to you when you hire new employees.

New Tax Credit: Hiring the Unemployed

The Hiring Incentives to Restore Employment (HIRE) Act, enacted in March 2010, gives employers two benefits:

1. Immediate benefit: You don’t have to pay your share of Social Security on the wages of new employees hired since March 18, 2010. Save 6.2 percent on all wages paid through the end of this year. Claim this payment reduction on your quarterly payroll tax returns and payroll tax deposits right now. The 2010 Form 941 has been revised to take this benefit into account.

2. Future benefit: Once your employee has worked for you for a full year (okay, a year and a day), you are entitled to a tax credit of $1,000 per employee.

Which new employees will give you these benefits under HIRE? They must have been unemployed, or underemployed, for at least the last sixty days before you hired them. Underemployed means they have not worked more than forty hours in the last sixty days.

The IRS has developed a new Form W-11 for new hires to fill out to swear that they qualify. Don’t worry-as an employer, you won’t be responsible for investigating or proving their claim.

There is a whole set of rules about rehiring laid-off workers-and other situations folks have found themselves in. The IRS answers questions about these on its FAQs about Qualified Employees page.

Hiring Special Employees

Often overlooked is the Work Opportunity Credit. It’s been around for years. Hire unemployed veterans, young people, poor people, old people, convicts, and other hard-to-place workers. Your credit will range from 25 percent to 50 percent of first- and second-year wages. The wage limits depend on the category of worker. Summer youth wages are limited to $3,000. Discharged military wages are limited to $12,000, and everything else is limited to $6,000. The employees need to be certified by your state’s unemployment department or certain government agencies. Read the instructions for Form 5884.

Hiring the right employee is very important. Credits are great, but remember that whoever works for you must fit your business needs and the social environment of your workplace. You, your other employees, and your customers will be “living” with this individual, so make the choice that’s right for everyone involved.

Eva Rosenberg, EA is the publisher of TaxMama.com, where your tax questions are answered. Eva is the author of several books and ebooks, including Small Business Taxes Made Easy. Eva teaches a tax pro course at IRSExams.com.

Read More:

Self-Employed? Here’s What You Need To Know About Estimated Payments

Write-Off Your Child’s Summer Camp

Can’t Pay Your Tax Bill? Here’s How To Deal With The IRS

8 Tax Benefits For Savers

No comments yet


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.


Tax Archive