Wednesday, June 28, 2017

Leveraging the Work Opportunity Tax Credit for your business

From Complete Payroll:

The Work Opportunity Tax Credit (WOTC) is a tax credit the federal government provides to employers for hiring people who typically struggle to find employment. We're going to go over how WOTC works, the types of people employers can hire to become eligible for the credit, how the credits are calculated and how employers can apply for WOTC.

To become eligible for the Work Opportunity Tax Credit, an employer would have to hire a qualifying member that meets at least one of the following criteria...

Temporary Assistance for Needy Families (TANF) recipients
Food stamp (SNAP) recipients
Designated community residents (living in Empowerment Zones or Rural Renewal Counties)
Vocational rehabilitation referrals
Supplemental Security Income recipients
Summer youth employees (living in Empowerment Zones)

For more details on each of the target groups, and how to determine if an employee is eligible, check out this page from the United States Department of Labor.

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