I will be 100% honest. I just compiled an offer letter for a small business to hire a veteran. I broke down the process of how to take advantage of the Work Opportunity Tax Credit (WOTC) and realized there are businesses out there that don't know about this! Are you looking to take advantage of valuable tax credits? Let me introduce you to a game-changer – the Work Opportunity Tax Credit (WOTC) program. Did you know companies claim around $1 billion in tax credits yearly through WOTC? That's a significant chunk of change that could be in your pocket! With WOTC, you can get credits equal to 40 percent of wages paid to eligible individuals in their first year of employment. That means you could potentially snag up to $2,400 per qualified employee. And if you're hiring qualified veterans, the credits can go even higher, up to a whopping $9,600! The best part? There's no limit to the number of individuals you can hire to qualify for these credits. So, the opportunities are endless, whether you're a small business or a larger enterprise.
If you have known me for any period, you know I LOVE to get veterans and military spouses hired! So let's talk about this specifically as it relates to veteran hiring (more than just your DE&I benefits of veteran hires!): Through WOTC, employers can receive between $2,400 and $9,600 in tax credits by hiring:
• A Veteran who is a member of a family that received SNAP benefits (food stamps) for at least a 3-month period during the 15-month period ending on the hiring.
• A Veteran who has been unemployed for:
o At least 4 weeks in the year ending on the hiring date
• A disabled Veteran entitled to compensation for a service-connected disability, who has been:
o Hired within 1 year of discharge or release from active duty, OR
o Unemployed for at least 6 months in the year ending on the hiring date;
• Veterans who are qualified long-term unemployment recipients for a period of 27 consecutive weeks or more and were receiving unemployment compensation under state or Federal Law.
You will say, "But, Katie, there HAS to be a catch, right?" - Well, here's the catch: navigating the WOTC program can be tricky. That's where KDG Support LLC comes in. We are experts in this tax credit program and can guide you through the process. From ensuring you meet the eligibility criteria to handling the paperwork, KDG Support LLC has your back.
I don't want you to miss this opportunity to boost your bottom line. Partner with KDG Support LLC and let us help you unlock the full potential of the WOTC program. It's time to claim those tax credits and watch your business thrive!
WOTC, Tax Credit, Veteran Hiring