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Work Opportunity Tax Credit (WOTC)
The Work Opportunity Tax Credit (WOTC) is a tax credit that is available to businesses that hire certain types of employees.
The credit is designed to incentivize businesses to hire employees who may have difficulty finding employment.
To be eligible for the credit, businesses must first file an application with the IRS. Once the application is approved, businesses can claim the credit on their tax return.
If you are an employer, you may be able to take advantage of the WOTC if you hire someone from one of the many target groups, such as:
Qualified Veterans
People with Disabilities
People who receive government assistance
Ex-Felon
The main objective of this program is to enable individuals to become employed, earn a steady income and become contributing taxpayers.
The WOTC program has been shown to be an effective tool for reducing unemployment and helping people move from welfare to work. In addition, the WOTC has been shown to promote economic growth and opportunity by providing employers with a financial incentive to hire workers from groups that have historically faced barriers to employment.
If you are an employer who is interested in learning more about the Work Opportunity Tax Credit, we encourage you to contact us today on how to get started.
The WOTC can provide a significant financial incentive for employers to hire workers from specific groups, including veterans, ex-offenders, and individuals receiving food stamps or other public assistance.
Employers can claim the credit for each eligible employee they hire, as long as the employee meets certain requirements.
There are different tiers of the tax credit, depending on the type of worker hired. For example, businesses can receive a tax credit of up to $2,400 for hiring a veteran with a service-related disability.
To learn more about the Work Opportunity Tax Credit and see if your business qualifies, visit the IRS website or speak to one of our tax advisors at SSTX Financial today.
The tax credit can be worth up to $9,600 per worker hired from certain target groups. The amount of the tax credit depends on the wages paid to the worker and the length of time the worker remains employed.
The WOTC can be a valuable tax credit for businesses that hire employees who may have difficulty finding employment. Businesses should consult with their tax advisor to determine if they are eligible for the credit.
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