We can guide hiring business through the process to qualify for tax incentives to help offset labor costs.
Qualifying businesses that hire people from 12 targeted groups which have faced employment challenges can access the Work Opportunity Tax Credit (WOTC). This federal tax credit is an incentive designed to aid specific groups of people find employment and achieve self-sufficiency and cut employer income tax liability. Target groups for the WOTC include veterans, recipients of certain types of public assistance, and those who have completed or soon will complete rehabilitative programs.
For each new hire starting by August 31, 2011, the maximum credit available under WOTC is $9,000. Previous employees of the employer cannot be rehired through the WOTC program. Also, businesses may not receive the WOTC tax credit a dependent or relative of the business owner.
For questions about qualifying for WOTC, contact us.