Are you looking for a great way to offset some of your expenses? Does your organization benefit from the Work Opportunity Tax Credit or WOTC? If not, now is the time to start! The WOTC was recently extended for eligible veterans and non veterans who begin work for an employer before January 1, 2014.
What is the WOTC and how can you benefit?
The Work Opportunity Tax Credit allows employers who hire members who are eligible through certain groups to get a credit against income tax of a percentage of first year wages up to $6,000 per employee. According to the United States Department of Labor, eligible new hires include:
- TANF Recipients
- SNAP or Food Stamp Recipients
- Designated Community Residents
- Vocational Rehabilitation Referrals
- Supplemental Security Income or SSI Recipients
- Summer Youth Employees (Who are living in Empowerment Zones)
The maximum tax credits are dependent on the new employee’s target group and the number of hours that they worked for the employer during their first year of employment. Generally, an employer can earn a tax credit equal to 25% or 40% of the employee’s first year wages up to the maximum income for their specific target group.
Want to learn more about the WOTC and access the appropriate forms? Visit the U.S. Department of Labor Employment and Training Administration here.
Want to learn more about how you can gain access to Trillium’s national network of top level talent? Contact us today! If you are a stand out in your profession and seeking contingent or long term career opportunities, visit our job seekers section for more information!
Trillium, a national leader in staffing and recruitment is a valued staffing partner to over 5,000 companies nationwide. Trillium is privately owned by Oskar René Poch.