The Work Opportunity Tax Credit can help businesses address their hiring woes.
It’s not easy to hire workers these days. But if your business hires a member of a certain group, you can claim the potentially lucrative Work Opportunity Tax Credit . Here’s what you need to know to make the WOTC a tax saver for your business.
Special rules apply to certain veterans, long-term family assistance recipients, and summer youth employees. More on those special rules later. General rule As stated earlier, the WOTC generally equals 40% of qualified first-year wages paid to an eligible employee, up to a maximum wage amount of $6,000. That translates into a maximum credit of $2,400 per eligible worker .
If a qualified veteran has both a service-connected disability and was unemployed for at least six months in the prior year, the limit for first year wages is $24,000. That translates into a maximum credit of $9,600 per eligible worker . Wow!
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