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... Veteran 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 Ex-felons 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 S...