In addition to the skills and talents military Veterans can bring to your company, did you know they can also help your business earn tax credits?
What is the Work Opportunity Tax Credit?
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers who hire qualified Veterans. These tax credits can range from $2,400 – $9,600 for each Veteran hired.
The WOTC tax credit is beneficial for all who participate, while increasing America’s economic growth and productivity.
How does WOTC work for you?
Applying for WOTC is simple and requires little paperwork. There is no limit on the number of individuals an employer can hire to qualify to claim the tax credit.
Who is eligible?
The following three categories can qualify a Veteran for federal Work Opportunity Tax Credits:
1. A Veteran who is receiving SNAP (food stamp) benefits – $2,400 tax credit
2. A Veteran with a service connected disability and one of the following:
3. A Veteran who has been unemployed:
In addition to the federal tax credits you may receive, some states provide additional tax credits for hiring an eligible Veterans.
For more information, please contact us at firstname.lastname@example.org.