Work Opportunity Tax Credit is a Win-Win for Businesses
Want to get a tax credit for hiring new employees?
The Work Opportunity Tax Credit (WOTC) provides a federal tax income benefit for businesses who hire individuals from specific target populations.
Tax credits range from $2,400 to $9600, depending on the employee hired.
“The WOTC has been a win-win experience” said Roger Blau, PhD, vice president of DP Professionals in South Carolina.
“Our company’s business is information technology staffing, and we are always searching for the best talent available to meet our client’s needs:, he said. “To be able to hire veterans to work at our clients worksites has been beneficial for the individuals, for our clients and for us”.
The qualifying target populations include:
- Temporary Assistance for Needy Families (TANF) Recipients-$2,400
- Recently Released Ex-Felons-$2,400
- Designated Community Residents-$2,400
- Vocational Rehabilitation Client-$2,400
- Supplemental Nutritional Assistance (SNAP) Recipient-$2,400
- Supplemental Security Income Recipient-$2,400
- Veterans Unemployed Four Weeks-$2,400
- Veterans Unemployed six or more months-$2,400
- Recently Discharged Disabled Veterans-$4,800
- Disabled Veteran Unemployed six or more months-$9,600
“For our company to receive a tax benefit is just the cherry on the cupcake”, Blau said. “We are proud to have these veterans as our employees.”