Owners Should Utilize The Work Opportunity Tax Credit
Did you know that employers claim about $1 Billion in tax credits each year under the Work Opportunity Tax Credit Program (WOTC)? The WOTC was formed to encourage employers to hire those looking for work who are apart of target groups such as veterans.
In an article from TaxConnections, author Ken May writes “WOTC is a Federal tax credit available to employers who hire and retain veterans and individuals from other target groups with significant barriers to employment. There is no limit on the number of individuals an employer can hire to qualify to claim the tax credit”.
In his article, May discusses:
- How the WOTC works
- The amount of tax credit your business can claim
- The requirements both the employer and employee must meet to qualify for the WOTC
- Reasons why some business owners are not taking advantage of this income tax credit
According to May, “With the utilization rate of less than five percent, business owners are leaving a ton of money unclaimed for this tax credit”. Can your business take advantage of the WOTC? Find out today!
To read more, see the full article from Ken May in TaxConnections.