Tax credits are one of the most useful aspects of the Internal Revenue Code as they provide for a dollar-for-dollar reduction in income tax owed. A tax credit is typically designed to favor or reward certain types of activities considered beneficial to the economy, the environment or to further an important governmental purpose. Two federal tax credits, the Employee Retention Tax Credit and the Work Opportunity Tax Credit, can be especially useful for construction companies that seek to retain a skilled workforce. Read the article.
