WOTC.com empowers business owners to profit from their recently hired employees by maximizing the Work Opportunity Tax Credit.
What is WOTC?
The Work Opportunity Tax Credit (WOTC) offers tax credits to private-sector employers for hiring eligible individuals, with credits ranging from $2,400 to $9,600 per hire, depending on the employee’s category. This initiative not only provides financial relief for businesses but also creates opportunities for underserved workers.
Eligibility Criteria
To qualify, employers must hire individuals from specific federally recognized categories. Compliance with federal guidelines is essential for claiming the credit, which requires proper documentation and submission.
Targeted Groups for WOTC:
- SNAP Recipients: Up to $2,400 per hire.
- Unemployment Benefits Recipients: $2,400 per hire.
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Long-Term TANF Recipients:
Up to $9,000 over two years. - Empowerment Zone Residents: $2,400 per hire.
- SSI Recipients: $2,400 per hire.
- Summer Youth Employees: Up to $1,500 per hire.
- Veterans: $2,400 to $9,600, based on circumstances.
- Vocational Rehabilitation Referrals: $2,400 per hire.
- Ex-Felons: $2,400 per hire.
- SNAP Recipients: Up to $2,400 per hire.
- Unemployment Benefits Recipients: $2,400 per hire.
- Long-Term TANF Recipients: Up to $9,000 over two years.
- Empowerment Zone Residents: $2,400 per hire.
- SSI Recipients: $2,400 per hire.
- Summer Youth Employees: Up to $1,500 per hire.
- Veterans: $2,400 to $9,600, based on circumstances.
- Vocational Rehabilitation Referrals: $2,400 per hire.
- Ex-Felons: $2,400 per hire.
Businesses Benefits
WOTC helps reduce hiring costs and improve cash flow while promoting workforce diversity, making it especially advantageous during labor shortages.
Claiming WOTC
Employers must submit IRS Form 8850 within 28 days of a new hire’s start date. Seeking expert assistance can help ensure compliance and save valuable time.
WOTC is a powerful tool for businesses aiming to offset hiring costs and enhance workforce diversity. For expert guidance, contact WOTC.com to explore your options.