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November 19, 2011 2:10 pm
New Credits for Hiring Vets
Congress has voted to repeal the 3% withholding on payments to contractors, a rule that was set to take effect in 2013. As part of the repeal process, Congress also created two new tax credits for businesses that hire certain veterans:
- A “returning heroes” credit of up to $2,400 for hiring a post
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Tax Glossary
Accrual method of accounting
A business method of accounting requiring income to be reported when earned and expenses to be deducted when incurred. However, deductions generally may not be claimed until economic performance has occurred.
