Best Practices To Qualify For Training Incentives
Training is an essential part of a company’s growth, development and overall success. The effectiveness of a company’s training programs, whether orienting new employees or providing ongoing training for incumbent employees, has a significant impact on a company’s bottom line.
Time, required material, and loss of productivity to train employees can add up fast too. Fortunately, many states offer a variety of training incentives that offset some of the costs.
It’s important to be aware of the various scenarios under which your business may be eligible for training incentives. You may be the ideal candidate for training incentives if you are undertaking the following:
- Implementing new technology (software or equipment)
- Upgrading or implementing new processes
- Hiring Boom
- Stimulating economic growth or job creation
CTI’s tax experts will help you maximize the potential benefit from these lucrative training incentives through our best practices:
- Review and Evaluate. Evaluate and determine eligibility requirements based on the company’s training needs
- Analysis and Application. Assemble and complete all necessary forms during the application process, and develop curriculum to meet the needs of state funding requirements
- CTI Liaison with the state ensures the process is smooth and your company’s project is approved
- Document and Archive. Assemble and archive documentation to ensure that your company can easily organize and report the required tracking for training incentives
State incentive training programs tend to be the premier program for businesses because they support economic growth, job creation and retention. Reach out to a tax expert for more information on tax savings with training incentives.